Law organisation Hodge Jones and Allen (HJA) has transferred to an employee ownership trust (EOT).
Sole remaining founding partner Patrick Allen said he decided to create the EOT so that the solicitors' ethos of helping people would continue and all of the staff could benefit.
The move is apart of a succession plan to enable Allen to take a less active role in the business, which has an annual turnover in excess of £17 million. The organisation will be able to make tax-free distributions to its 230 employees up to a maximum of £3,600 per annum.
The shares in Hodge Jones and Allen will be owned 100% by the EOT. Senior partner Allen will act as trustee with managing partner Vidisha Joshi, and Kingsley Tedder will become an independent external trustee for corporate governance and compliance.
There will be no change in the day-to-day running or operation of the organisation.
Allen said: "Becoming employee owned reflects the people-first entrepreneurial spirit that has been the backbone of HJA since 1977. It provides continuity for our partners and staff, and therefore our clients. It is the perfect model for an organisation like ours.
"I wanted to ensure that the organisation could continue to grow in the same way as I intended when I founded it over 40 years ago. We have a fantastic team and we help people who may not always be able to access advice and redress. I see this as a way in which my vision can go forward and thrive into the future."
