West Midlands-based law firm Talbots Law has become employee owned after setting up an employee ownership trust (EOT) this month (November).
Former CEO and main shareholder Mary Morgan decided to sell the majority of her shares to a newly-formed trust to build on the firm’s recent growth. She wanted to protect its “independent, innovative and passionate” people culture by placing its 274 members of staff at the centre of the business going forward.
Dave Hodgetts, who was appointed CEO in August, will be working with four appointed trust directors, which include operations manager Zoe Fullwood, head of compliance Peter Hill, son of late founder Martyn Morgan Ben Morgan, and long-term advisor Lynn Leighton-Johnstone.
In addition, 50 additional employees have been recruited by the firm, which also plans to fill 30 new positions between now and the end of the year to cope with the additional demand. These will range from administrative roles and trainee solicitors, to experienced residential property experts and director level appointments.
The former CEO explained that while this will be a big difference, it will be a positive one for staff, with the majority of shares now held in a trust for their long-term benefit.
“Employee owned businesses perform better, are more innovative and more profitable and have the security of being owned in a trust, so not subject to being sold or taken over. It was the only decision I could make when looking to sell a significant number of my shares and, most importantly, is excellent for long-term planning and vision,” she said.
Hodgetts added: “One of the benefits of an EOT is we get the best of all worlds; the daily work we all do remains unchanged, but we get the flexibility and freedom that comes with having an employee owned business. It’s a really great time to be driving our business forward and our people will be at the heart of it.”
