Law firm Parfitt Cresswell has become employee-owned after transferring a significant interest in the business to an employee ownership trust.
Through the employee ownership trust, staff can attain an indirect beneficial interest in the business and can share in its success through the use of tax-free bonuses up to £3,600 per employee per year.
The firm decided to transfer ownership in order to increase productivity, profitability, competitiveness in the sector, sustainability and staff wellbeing, manage succession, and ensure its long-term success.
The firm was first established in 1908 and was acquired by the current owners in 2007. Since then, it has grown from eight employees in one office, to nine offices and a team of more than 100. During this time it has acquired Max Barford and Co, Colemans, Jevons, Riley and Pope, Charles Coleman and Co, Copley Clark and Keene Marsland.
Nigel Harper (pictured above), group director of Parfitt Cresswell, said: “Over the years, our fantastic team has built the business with us. We want them to share in our success. We set up the employee ownership trust to safeguard our shared legacy and promote the wellbeing of everyone associated with our business, today and in the years to come.”
Parfitt Cresswell also offers its employees agile working practices, flexible-working options, and individual and confidential support and coaching with a wellbeing professional trainer as part of its commitment to personal wellbeing and achieving a good work-life balance for staff.
