One of Yorkshire’s leading law firms 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.
He commented: “The move to employee ownership has been hugely positive and advantageous for Ison Harrison. This success is the inspiration for the Employee Ownership Adviser as we want to share our experience of the process and use our expertise to help other business owners by transitioning from traditional business ownership to the EOT model.
“As a firm, we have taken a unique approach to set ourselves apart from our competitors. We are proud to be an EOT, which helps distinguish us from other firms. In embracing employee ownership, we have fostered a culture of collaboration, incentivised performance, and ensured our clients receive exceptional service. This experience and knowledge is now being passed on to business owners so that they and their workforce can enjoy the many benefits of employee ownership. Our service website is dedicated to providing practical insights, expert advice, and invaluable tips to ensure a smooth and successful transition. We fully understand the challenges that may arise and we are well equipped to provide the knowledge and strategies needed to overcome them.”
Ison Harrison employs more than 270 staff across Yorkshire, offering the broadest range of legal services in the region. The firm’s commercial division now advises businesses from across all sectors in transitioning to an employee-owned business.
The firm has over 10 Law Society accreditations including Lexcel, Clinical Negligence, Family Law, Immigration & Asylum, Conveyancing Quality and SRA Higher Courts Rights – civil and criminal.
Business owners interested in finding out more should visit: https://www.employeeownershipadvisor.co.uk or call the Employee Ownership Advisor team on 0800 232 1620
