Law Firm Launches Dedicated Employee Ownership Service

A Yorkshire law firm has launched a dedicated employee ownership advisory service.

Employee Ownership Advisor is a new service from Ison Harrison designed to provide business owners with the ultimate resource for navigating the world of Employee Ownership Trusts (EOTs).

With its own dedicated website, the service aims to help business owners looking to explore the benefits of an EOT for their business. Having experienced the advantages of employee ownership themselves, the firm’s team of expert lawyers is well placed to answer questions and provide no-obligation advice to business owners looking to make the switch.

The service covers everything from the basic principles of employee ownership, the process of transitioning to an EOT, trust management, employee engagement, company governance and rewards and benefits.

Employee ownership is becoming an increasingly popular model for British businesses. According to figures compiled by the Employee Ownership Association, 332 businesses transitioned to employee ownership in 2022. As of June 2023, the total number of companies owned partially or fully by their employees had reached a record 1,418, marking a 37% growth in just 12 months.

Ison Harrison was the UK’s first law firm to become a 100% employee-owned business in January 2022 after the three main shareholder directors agreed to sell the business to an Employee Ownership Trust.

270 qualifying team members at the firm recently received a profit distribution payout marking the second anniversary of becoming employee-owned. As a result of the firm’s strong financial performance, individual profit distributions approved by Ison Harrison’s Board of Trustees saw all eligible employees receive a tax-free distribution of £4,000 each, an increase of £400 on the £3,600 payment paid the previous year.

The firm, which employs more than 270 staff across the region, posted a record turnover of over £22 million last year, up 16% from £19 million in 2022.

Employee Ownership Advisor is the brainchild of Richard Coulthard, director and head of commercial services. Since launching the service, the firm has received a significant number of preliminary enquiries from business owners across the region and beyond, and is already helping several local businesses through the transitionary stages.