East Yorkshire-based Williamsons Solicitors transitions to employee ownership.
In a significant move for the East Yorkshire legal sector, Williamsons Solicitors has officially transitioned to an employee ownership model, handing the future of the firm to its dedicated workforce.
The firm, which has offices in Hull, Driffield, and Bridlington, completed its conversion from a limited company to an employee ownership trust (EOT) on 1 February. The restructure sees 100% of shares transferred from former owners Sarah Clubley and Jane Cousins to the newly established trust, ensuring the long-term stability of the firm while maintaining its independence.
How popular is the employee ownership model?
The employee ownership model, currently adopted by around 30 UK law firms and approximately 1,600 businesses nationwide, is widely recognised for boosting staff loyalty and engagement. Among its benefits is the potential for tax-free bonuses, increased job satisfaction, and a stronger collective vision for the firm’s future.
Although only a small fraction of UK law firms – approximately 0.25% – have embraced the employee ownership model, its popularity is on the rise. The UK government actively supports such transitions as a means of fostering sustainable business growth, regional economic development, and wider community benefits.
How will this transition affect Williamsons Solicitors, and their staff?
With a heritage dating back to 1890 and a team of 120 professionals, the decision forms part of a strategic succession plan aimed at fostering continued growth and employee engagement. Clubley and Cousins will remain actively involved, serving on the board of six directors responsible for guiding the firm’s strategic direction and day-to-day management. Additionally, four trustees have been appointed to safeguard the business on behalf of all staff.
Sarah Clubley, who has been with Williamsons for 25 years, highlighted the advantages of the shift, emphasising its positive impact on performance and the firm’s unique culture.
“This move will reinforce our collaborative ethos, which is highly valued by both staff and clients. It also safeguards us from external acquisition or a management buyout that would place control in the hands of a select few,” she said. “While employees will have a greater voice in decision-making, the day-to-day operations will remain unchanged.”
“Becoming a 100% employee-owned law firm is an exciting step that ensures long-term stability. It enables us to share our financial success with every employee, empowering our team, attracting top talent, and preserving the culture and values we have built over the years,” Jane Cousins commented.
The legal and financial aspects of the transition were overseen by Nigel Beckwith of Gosschalks Solicitors and Mike Beckett of Forrester Boyd, ensuring a smooth and compliant handover.
Pictured (L-R): Sarah Clubley with Jane Cousins
Image provided by Williamsons Solicitors
Josie Geistfeld
Josie Geistfeld is Editor of Yorkshire Legal News. She welcomes comments and questions.