Myerson becomes employee-owned firm
By Law News
Myerson Solicitors becomes Manchester's first 100% employee-owned law firm through an Employee Ownership Trust
Myerson Solicitors, a Top 200 UK law firm based in Altrincham, has announced its conversion to a 100% employee-owned business, making it the first law firm in Greater Manchester to do so. With 150 employees, Myerson now ranks among the largest employee-owned organisations in the UK.
Founded in 1982 by Neil Myerson, the firm serves both business and private clients nationally and locally. For the financial year ending 31 August 2024, Myerson achieved 15% organic growth, with revenues reaching £17.5 million.
The firm is now entirely owned by its employees through an Employee Ownership Trust (EOT). A new Board of Trustees has been established, including Steve Tudge, Joanne Evans, and James Birch, who are responsible for ensuring the firm is managed in the best interests of all employees. The existing management board, led by CEO Carl Newton, will continue to oversee operations and strategy, with the addition of People Director Jordanna Reynolds to represent the HR function.
Carl Newton, who joined the firm in 1995, commented: "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."
Employees will benefit from tax-free bonuses, greater stability, and increased investment in learning and development. A newly established Employee Engagement Committee will work to uphold the firm's culture and ensure Myerson remains a great place to work.
Employee Ownership Trusts have seen significant growth in the UK since their introduction in 2014, with over 1,650 employee-owned businesses as of October 2023. However, the legal sector has been a late adopter, with only about 20 out of 9,500 solicitors' firms in the UK being employee-owned.
The legal work for the transition was internally led by Corporate Partners Terry Moore and Akeel Latif. Terry Moore, an expert in Employee Ownership Trusts, has acted for many clients, including other law firms.