Thu, 20 Feb 2025 | BUSINESS SALE
After 135 years of business Williamsons Solicitors has transitioned to employee ownership. The practice, with offices in Hull, Driffield and Bridlington and which was founded in 1890, will now be owned by its 120 employees via an Employee Ownership Trust (EOT).
It recorded a turnover of £6.28 million for the year to January 31, 2024.
All of the company’s shares have been transferred from the two previous owners, solicitors Sarah Clubley and Jane Cousins as part of their succession planning.
Both Clubley and Cousins will continue working 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.
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,” she said. “All staff will have the opportunity to become more involved in decisions, but it will feel like business as usual.”
Cousins added: “Becoming a 100 per cent 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.
Only around 0.25 per cent of UK law firms have switched to employee ownership, but its popularity as a business model is growing and is being actively encouraged by the government as a route to sustainable business, regional wealth and community benefits.
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