Myerson Solicitors becomes Manchester’s first 100% employee-owned law firm

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, with the appointment of Steve Tudge, Joanne Evans, and James Birch — who are 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.

A Commitment to Independence

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.

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

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 the EOT model

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.

The legal work has been internally led by Corporate Partners Terry Moore and Akeel Latif. Terry Moore is an expert in the field of Employee Ownership Trusts, having acted for many clients, including other law firms.

If you would like to find out more about Myerson’s expertise in advising employee-owned businesses, you can contact the Myerson Corporate Team on 0161 941 4000, or email [email protected].