Lawrenson believes Liverpool can't afford to get it wrong when trying to find Gerrard's successor.
"To be honest, I would also be looking now to the long-term and who could replace Steven Gerrard," he said.
"Liverpool haven't got a like-for-like replacement in their squad and, given what Gerrard brings to the team, whoever they bring in is going to cost a lot of money.
"It is something they must therefore get right.
"They can't afford to make a mistake."
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