What is succession planning?
Succession planning is planning for your future. Succeeding in your legal career is a long term goal which requires you to nurture and monitor your business. Succession planning is about empowering you to become business managers.
Who should be interested?
Succession planning is relevant if you are looking to:
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Set up a practice
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Progress in a practice
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Acquire or sell a practice
Start preparing today, so you can be succession ready tomorrow.
1. Complete the online Succession Diagnostics Tool
Take the questionnaire to help assess your business, and obtain a preliminary assessment of succession planning readiness.
2. Attend a Succession Planning Workshop
Practitioners who have completed the Succession Diagnostic Tool can participate in a workshop that will explore succession and its impact on the legal profession; key succession considerations; managing a better succession outcome; and useful tools and resources.
Register your interest in one of the upcoming workshops.
City workshops (limited to 20 per workshop):
Thursday, 28 June 2012
Monday, 30 July 2012
Friday, 31 August 2012
Regional workshops (limited to 20 per workshop):
Geelong - Friday, 24 August 2012
Mildura - Friday, 23 November 2012
Gippsland - Friday, 1 February 2013
3. Obtain the Succession Planning for Legal Practices in Victoria Guide
Get your FREE copy the guide if attending the workshops.
Those not attending the workshops are able to purchase it for $110 (GST inclusive) from the
LIV Bookshop.
Register for the workshops or for more information contact us today:
P: 03 9607 9473
F: 03 9607 9404
E: cpd@liv.asn.au W: www.liv.asn.au/succession
Background
The LIV, together with the Law Council of Australia (LCA) and other law societies, conducted a survey of the legal profession across regional, rural and remote areas.
Approximately 81% of respondents indicated that succession planning was a central concern for their practice, and 52% of respondents noted that recruiting additional lawyers was a key concern for their practice. In addition, many practitioners reported a desire to retire in the next 5 years.
The LIV also independently surveyed its members on succession planning. Two statistics that particularly stood out were that approximately 70% of respondents did not receive any assistance in developing a succession plan, and 77% were not confident that they could sell their practice or achieve succession planning objectives.
As a result of the above statistics, the LIV undertook a review of the succession planning resources available amongst industry bodies with a view of developing a series of resources specifically tailored to the legal profession.
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