East Yorkshire’s Williamsons Solicitors has become employee-owned.
The business has switched from a limited company to an employee ownership trust, with 100 percent of shares being transferred from the two previous owners, solicitors Sarah Clubley and Jane Cousins.
The move has been made as part of succession planning and to secure a bright future for the 120-strong firm which was founded in 1890.
Both Sarah and Jane will continue their roles on the board of six directors responsible for strategy and day-to-day management, with four trustees in place to oversee the business, acting as guardians on behalf of all staff.
The business model, which has been adopted by around 30 UK law firms to date and around 1,600 UK companies overall, has many reported positive aspects including enhanced staff loyalty and potential tax-free bonuses.
Sarah Clubley, who joined Williamsons around 25 years ago, said that employee ownership would have far reaching benefits including improved performance while protecting the integrity of the firm.
“It will build on our unique and collaborative culture, beloved by both staff and clients, while shielding us from acquisition or a management buyout which would place power in the hands of a few.
“All staff will have the opportunity to become more involved in decisions, but it will feel like business as usual,” she added.
Jane Cousins said: “Becoming a 100 percent employee-owned law firm marks an exciting milestone for Williamsons and, personally, it is a very proud moment.
“The new structure allows us to give every employee a stake in our financial success. It will empower people, attract top talent and ensure we maintain our culture and ethos while providing continuity for staff and clients.”
Work on the transaction was carried out with the help of Nigel Beckwith of Gosschalks Solicitors and Mike Beckett of Forrester Boyd.
