Sussex firm, Bennett Oakley is thrilled to share that all qualifying staff received a £7,000 profit share after a successful trading year as an employee-owned business.
Last year, Bennett Oakley Solicitors became the first employee-owned law firm in Sussex. This remarkable journey not only highlighted a commitment to the future but also exemplifies the power of unity, dedication, and a collective vision.
After a successful first year since the conversion to Employee Ownership, the Firm was able to award each qualifying employee with a bonus of £7,000. As part of being an employee owned firm, each qualifying employee will receive the first £3,600.00 of the bonus tax free.
Managing Director, James Leighton said:
“In the last 18 months, our firm has made a range of structural changes with the aim of enhancing our service to clients, increasing business profits and empowering staff.
“Becoming 100% employee owned has been a positive move for the firm and it has provided us with an opportunity to lead on an initiative that remains almost unseen within the legal industry. Many law firms continue to work in traditional business structures, such as LLP’s which tend to be hierarchical with profits only shared to partners. Moving to employee ownership means that our staff are not just employees; we are all ‘business owners’ with a shared vision.
“It is team effort that contributed to delivering a record year for the firm, and we are honoured to be able to reward everyone who has helped to make this happen.”
Bennett Oakley Solicitors was one of the first law firms in the UK to implement employee ownership when its former director and sole shareholder, Simon Elliott, sold the business to an employee ownership trust.
Employee ownership is one of the fastest growing business succession solutions in the UK, where there are now more than 1,000 employee-owned businesses, with the sector more than doubling in the past three years.
James added:
“We hope that by leading on this initiative and sharing these fantastic results, that it encourages more businesses to recognise the collective benefits that can be achieved by introducing a modern and inclusive approach to business.”
