b. Myerson Solicitors Team

Myerson Solicitors has become an employee-owned business

A Manchester firm has become one of the biggest legal practices yet to convert to employee ownership.

Myerson Solicitors, which recorded £17.5m revenue for the year ending 31 August, has become an employee-owned business, transferring the business to an employee ownership trust.

Chief executive Carl Newton will continue to oversee operations and strategy, with a new board of trustees consisting of Steve Tudge, Joanne Evans and James Birch appointed to ensure the organisation is managed in the best interests of employees.

Newton, who joined the firm in 1995, said: ‘We’ve always been bold and entrepreneurial. Becoming the first 100% employee-owned law firm in Manchester marks an exciting milestone for Myerson and for me personally, it’s a very proud moment.

‘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.’

The firm said its 150 employees will now benefit from tax-free bonuses, greater stability and continuity, as well as increased investment in learning and development. A new employee engagement committee will be established to speak to staff about the working culture at the firm.

Around 20 law firms have converted to employee ownership trusts, although the UK has more than 1,600 businesses in total which have opted for it. The model is designed to promote employee ownership by providing a tax-efficient mechanism for business owners to transfer ownership to their employees.

The legal work on the Mysersons EOT has been internally led by corporate partners Terry Moore and Akeel Latif.

The practice was founded in 1982 in Altrincham and is now positioned in the top 200 UK law firms. Myerson Limited was incorporated earlier this year and appointed Joanne Perritt, Joanne Evans, Adam Maher, Akeel Laitf and Karl Mannering as directors in the last two weeks. Commercial lawyer Ian Gordon stepped down as director last week.

Myerson Solicitors LLP reported in its latest accounts, covering the year to 31 August 2023, that turnover was £15m and profit before tax was almost £6m.

 

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