Myerson Solicitors has become Greater Manchester’s first 100% employee-owned law firm, giving its 150 employees ownership 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 (EOB), becoming 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, having achieved 15% organic growth for the financial year ending 31 August 2024, with revenues reaching £17.5 million.

Myerson is now 100% owned by its employees through an Employee Ownership Trust (EOT). A new Board of Trustees has been created, tasked with ensuring the organisation is managed in the best interests of all its employees. Meanwhile, the existing management board, under the leadership of Chief Executive Officer (CEO) Carl Newton, will continue to oversee Myerson’s operations and strategy. Additionally, the board will now include Jordanna Reynolds, the People Director, to represent the HR function.

People-first culture

Myerson has always had a ‘people-first’ culture with the ethos to remain independent and only grow organically. Becoming 100% employee-owned reaffirms Myerson’s commitment to this and aligns with its core values of innovation, creativity, and being forward-thinking. Unlike many UK law firms that prioritise high individual targets, disproportionately reward partners, and encourage overwork and ultra-competitive atmosphere, Myerson has always championed employee-wellbeing and realistic team-based goals, which aligns with the values of employee-ownership. Becoming an employee-owned business allows Myerson to offer every employee, regardless of their role, a stake in the firm’s financial success.

Myerson’s CEO, Carl Newton, who joined the firm in 1995 and has witnessed its continuous growth, comments: “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 & acquisitions by private equity houses and large national law firms, I am delighted that Myerson is making a strong statement, championing stability and independence for the benefits of our employees.”

Increased Employee Engagement

Myerson employees will now benefit from tax-free bonuses, greater stability and continuity, and increased investment in learning & development. A newly established Employee Engagement Committee will safeguard the firm’s culture and uphold Myerson as a great place to work.

Carl continues: “Our clients will experience the same exceptional service they have come to expect, with the added assurance that all our employees are more engaged and committed than ever to ensuring the firm’s continued success.”

The legal sector: a late adopter of employee ownership

Employee Ownership Trusts (EOTs) have seen remarkable growth in the UK since their introduction in 2014. The EOT model was designed to promote employee ownership by providing a tax-efficient mechanism for business owners to transfer ownership to their employees. This policy intervention has generated a significant increase in the number of employee-owned businesses. As of October 2023, the UK proudly boasts a thriving sector of over 1,650 employee-owned businesses, reflecting a strong movement towards inclusive and sustainable business practices. However, the legal sector has been a late adopter: out of the 9,500 solicitors’ firms in the UK, only about 20 are employee-owned.

Newton continues: “If we can overcome the mindset challenges of the legal sector and if law firm owners are able to take a long-term view about what is best for their businesses and not just for themselves, then I’m confident that more law firms could benefit from the stability and sustainable growth that employee ownership can offer.”

For more information about Myerson Solicitors, please visit www.myerson.co.uk