Law firm to become employee-owned business
A WEST Midlands law firm has become an employee ownership trust in what is thought to be a major legal first for the region.
Mary Morgan, the former chief executive and main shareholder of Talbots Law, has taken the decision to sell the majority of her shares to a newly formed trust.
Talbots, which has offices in Codsall, Dudley, Edgbaston, Halesowen, Kidderminster, Stourbridge and Wolverhampton, said the move to place its 274 staff at the heart of the business would “capture and protect the independent, innovative and passionate people culture of the company”.
Ms Morgan said: “Employeeowned 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.
“It will be business as usual for our thousands of clients.
“The big difference is a positive one for our staff, with the majority of shares now held in trust for the employees’ long-term benefit.”
It is estimated that there are around 730 employee-owned businesses in the UK including household names such as John Lewis, Unipart and Aardman, the studio behind the Wallace and Gromit films.
New chief executive Dave Hodgetts will work with four appointed trust directors - operations manager Zoe Fullwood, head of compliance Peter Hill, long-term adviser Lynn LeightonJohnstone and Ben Morgan, son of the firm’s late founder Martyn Morgan.
Mr Hodgetts added: “This is an important change to the way the business is owned, not how it’s managed or run.
“With my fellow board of directors, we remain responsible for the business.
“One of the benefits of being an employee ownership trust 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.”