Tue, 10 Sep 2024 | BUSINESS SALE
Myerson Solicitors, a Manchester-based law firm, has transitioned to employee ownership. The firm is now 100 per cent owned by its employees through an Employee Ownership Trust (EOT) with a new Board of Trustees created to ensure the organisation is managed in the best interests of the employees.
Steve Tudge, Joanne Evans and James Birch have been appointed to the Board of Trustees. The company’s existing management board, led by Chief Executive Carl Newton, will continue to lead the firm’s operations and strategy, while Jordanna Reynolds will join the board to represent the HR function.
Myerson Solicitors, which was founded in 1982 by Neil Myerson, is a 150-strong firm that serves both business and private clients nationally and locally. In the year ending August 31 2024, the company recorded 15 per cent organic growth, with revenues hitting £17.5 million.
Carl Newton said that becoming Manchester’s first 100 per cent employee-owned law firm represented “an exciting milestone” for the company.
He continued: "Becoming an Employee-Owned Business allows us to give every single employee a stake in our firm’s financial success; it empowers our people, attracts top talent, and reinforces our people-centric culture.”
"In a market where we see numerous mergers and acquisitions by private equity houses and large national law firms, I am delighted that Myerson is making a strong statement, championing stability and independence."
Myerson said that staff will now benefit from tax-free bonuses, improved stability and continuity and greater investment in learning and development. The firm’s culture will be upheld by a newly-established Employee Engagement Committee.
Newton added: "Our clients will experience the same exceptional service they have come to expect, with the added assurance that all our employees are more engaged and committed than ever to ensuring the firm's continued success.”
Find out more about the trends driving M&A activity in the UK legal sector
Read about the growing prominence of Employee Ownership Trusts
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The acquirer of this practice will be required to take-over the unexpired part of all on-going agreements relating to future payments for software licenses, equipment, furniture, fixtures, fittings, storage rental, PI insurance, library and any payme...
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