Family law specialists, Family Law Group, has announced that 2022 will see the transfer of ownership to its staff, by becoming an Employee Ownership Trust (EOT).
This is the first step in empowering the firm’s lawyers to drive the business forward and to support the strategic growth plan to become the largest family law firm in the country. The aim is to grow to 15 offices, creating up to 100 new jobs, and launch a national telephone advice line, in the next five years.
75% of the group, which currently has over 130 employees across 10 offices, will now be owned by the EOT, and all staff, regardless of seniority, will receive equal annual bonuses based upon the firm’s performance. Whilst the day to day running of the firm will remain with the existing management team, as an employee-owned business, any decisions taken are now done for the benefit of all staff.
Simon Leach, director at Family Law Group, said: “I am delighted that we have been able to finalise the transfer of ownership of this firm to the most important people within it, its highly talented staff. This move is about empowering our lawyers to take ownership of the firm in respect of its direction and commitment to our core values and purpose. They will now have a greater input in to the day to day running of the firm, and the decisions that are made as we grow.
“My values align very strongly with those of the Cooperative Movement. I can think of no better application of such principles than a firm of solicitors whose product is the very people who will benefit from the EOT, namely, our lawyers and those who support them in their work.
“As a firm, we have already grown considerably over the last 4 years. We now have 10 offices and over 130 staff. It is imperative that we ensure our model is right to not only retain the lawyers who contribute to our success, but also to be able to attract the highest quality talent to our growing business.
“The move to an EOT is a way of ensuring the longevity of our firm. We really value our staff, and this was one way of demonstrating that. In the long term as we grow, we intend to become 100% employee owned.”
Deb Oxley, Chief Executive of the EOA (Employee Ownership Association), said: “We congratulate Family Law Group on its move to employee ownership – sustaining its values and independence for the longer term.
“Businesses that give employees a stake and a say, build trust and shared responsibility, therefore uniting leaders and employees behind a common purpose. This leaves the business in a better position to flex and adapt – key qualities needed to help the UK Build Back Better.”
Established in 2005, Family Law Group has over 130 employees across 10 offices in Nottingham, Chesterfield, Milton Keynes, Northampton, Wellingborough, Derby, Loughborough, Peterborough, Bedford and Cambridge.
