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LIV course equips principals to run business

LIV course equips principals to run business

By Karin Derkley

Practice Management Practising Certificate 


The LIV has introduced a practice management course that complies with new Victorian Legal Services Board (LSB) requirements for lawyers who want to set up their own practice or go into partnership.

LIV education product development manager Elissa Cohan says the course has been designed to equip lawyers with the essential knowledge and skill base they now need to demonstrate to the LSB in order to be granted a principal practising certificate.

The course will equip lawyers with the skills to run a successful business, she says.

"Until now lawyers haven't needed to undertake business management training to run their own business," she says. Those that have set up their own practice or moved into partnership at a law firm have either picked up the skills on the job or organised their own training.

"But the skills you need to set up as a principal are very different from the substantive legal training and knowledge you need as a lawyer," Ms Cohan says. "People underestimate the time and energy that needs to be dedicated to business and practice management.

"When you go out into your own business you have to transition from focusing purely on legal advice to focusing on your firm's business strategy. You need to know how to set a budget, understand cashflow, and be across work-in-progress reports."

The LIV course has been structured according to a set of guidelines issued by the LSB that outlines the minimum requirements for a practice management course.

"We've also worked with leading experts across a range of topic areas," Ms Cohan says.

Topics covered include the regulatory responsibilities of a principal, risk management, business strategy, financial management and accounting, trust account requirements, technology and people management. Expert facilitators include Stephen Bubb from the LPLC, leading consultant Liz Harris and Brent Szalay from SEIVA Accountants.

The course will be delivered as a combination of online and face-to-face workshops. Course materials will be made available online 10 days before a three day face-to-face training workshop with facilitators and experts. Participants then have two weeks from the end of the workshops to complete assessments online.

The first workshop will commence on 19 March. Further courses will run in May and June. The introductory cost for the course is $1980.

The course covers all CPD requirements for the year, and those participating in the course will benefit from ongoing support and networking opportunities.

Find out more about the course here.

Disclaimer: Views expressed by commentators are not necessarily endorsed by the Law Institute of Victoria Ltd (LIV). No responsibility is accepted by the LIV for the accuracy of information contained in the comments and the LIV expressly disclaims any liability for, with respect to or arising from any such views.

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