This page is a guide to the pages on the Complete Succession website that deal with the Legal Fees with respect to a Clover Law Business Succession Agreement.

The other tabs in the grey menu bar above can take you to the guides to other aspects of a Business Succession Plan (such as Commercial Issues, Taxation and Agreements).

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If you already know what type of Business Succession Plan or Business Succession Agreement you want, please send us an email.

Fixed Legal Fees

Clover Law quotes Fixed Legal Fees for most Agreements and Services.

This means you will be able to determine the total cost of any transaction (including the premium cost).

Legal Fee Policy

The Quotations and Fixed Legal Fees are based on strict compliance with the Legal Fee Policy.

The Fixed Fee for an Agreement depends on the choice of Agreement made by the Business.

Documentation Fees

Clover Law quotes Fixed Fees for the preparation of Business Succession Agreements.

The Quotations and Fixed Legal Fees are based on strict compliance with the Legal Fee Policy.

The standard Questionnaire and Procedure are designed to reduce the cost of designing and documenting a Business Succession Plan.

The Fees are designed to be reasonable, having regard to the unique benefits of the Agreements and the savings in Policy Fees and Premiums over time.

Fact-Finding Fees

Most of the information required to document a Succession Plan and satisfy the Adviser's compliance obligations will be collected in the initial Meeting or Teleconference and inserted into the draft Questionnaire and Worksheets prepared by Clover Law.

It is not always possible to complete all of the details of the Business Structure and Liabilities of the Business in the Client Meeting or Teleconference.

Clover Law will identify any additional information not collected in the Meeting in the draft Questionnaire or Worksheets prepared by Clover Law.

Clover Law will also identify any information that the parties might not have been certain about.

The standard Documentation Fees assume that the Business or Adviser will supply any additional information about the Business Structure and Liabilities of the Business in the completed Questionnaire.

If the information is not supplied in the Questionnaire, there will be an additional Legal Fee of $440 to collect the information from the Business or its Advisers, review it and incorporate it into the Succession Plan and Documentation.

Comparing the Benefits of Business Succession Agreements

Many of the benefits of Clover Law Business Succession Agreements are not available under Agreements prepared by other Lawyers.

In particular, a traditional Self-Ownership Buy/Sell Agreement has no impact on the level of Policy Fees and Premiums.

Click here to download a document that will allow you to compare the benefits of a Clover Law Business Succession Agreement with your existing Agreement or an Agreement proposed by another Lawyer.

Alternative Clover Law Business Succession Agreements

Clover Law offers a number of alternative Business Succession Agreements:

Simple or Complete Succession Plan

These alternatives give the Business a choice of Agreement, depending on whether it requires a Simple Succession Plan or a Complete Succession Plan.

Click here to read about the difference between the two types of Succession Plan.

One, Two and Three Policy Succession Plan Worksheets

Click on the following links to see a Risk Analysis Worksheet completed for:

a Simple Succession Plan held on One Policy pursuant to the terms of a Self-Ownership Business Succession Agreement;
a Complete Succession Plan held on One Policy pursuant to the terms of a Business Insurance Trust Agreement; and
a Complete Succession Plan held on Two or Three Policies pursuant to the terms of a Hybrid Business Insurance Trust Agreement.

Fixed Legal Fees

The Fixed Fee charged by Clover Law depends on the choice of Agreement.

Click here to see the current Fees for all Agreements and Services.

These Fees apply subject to the Legal Fee Policy.

What the Legal Fee Entitles You To

In the case of each Clover Law Agreement, the Fixed Legal Fee entitles the Business to the cost of drafting:

A Succession Strategy for all Insured Events (i.e., Death, TPD and Trauma) wholly funded by Insurance Proceeds;
A Succession Strategy for all Insured Events (i.e., Death, TPD and Trauma) partly funded by Insurance Proceeds and partly funded by Instalments or Vendor Finance; and
A Retirement or other Exit Strategy funded by one Upfront Payment, Instalments or Vendor Finance.

No Additional Drafting Fee

The standard Fixed Fee for all Clover Law Agreements entitles the Business to the drafting of Vendor Finance or other Provisions that deal with the payment of any shortfall in the Sum Insured.

This means that, if a Proprietor is unable to obtain the required amount of Buy/Sell Cover for the Purchase Price of their Equity, they will still have a pre-agreed Succession Plan.

As a result, the Proprietors are not prejudiced by the payment of the Legal Fee before the Policies have been underwritten.

Free 20 Minute Teleconference

If a Client is uncertain whether to attend a Client Meeting or use the Clover Law Documentation Service, Clover Law offers a free teleconference (of up to 20 minutes) with the Client to explain the purpose and benefits of a Complete Succession Plan and the "One Page, One Policy Strategy".

Adviser Tip

The Clover Law Fixed Fee Policy is designed to help a Business know the exact cost of its Succession Plan, so that it can fine tune the strategy within an affordable budget.

See more Adviser Tips

Please contact us to arrange a meeting or teleconference.