Employee Ownership Trust FAQs
What is an employee-owned business?
An employee-owned business, or employee ownership trust (EOT), is a style of ownership introduced by the UK government in 2014. The idea is to help shape businesses into a force for good and improve the wealth of employees.
Are there other employee-owned businesses?
There are around 2000 EOTs across the UK, representing an approximate 180,000 employees (or employee owners). John Lewis is perhaps the best-known example of an EOT. However, there are only around 30 law firms who have converted to the Employee-Ownership model in the UK. Progression Solicitors is therefore very proud to be leading the way for future Employee-Owned Law Firms.
How is an EOT managed?
An employee owned business is owned by a Trust. In Progression’s case, the Trustees comprise of Anthony Smith (former shareholder), John Parker (semi-retired accountant – independent trustee) and Michele Ashton (employee of Progression – staff representative). All three act as Trustees (the Trust is a Company Limited by Guarantee and registered at Companies House) and are legally obligated to act in the best interests of the beneficiaries of the trust, which are our employees. Individual staff members do not hold shares
Will the Management Team change?
There are no planned changes to the Management Team. We already exceed expectations by having a dedicated local team over five offices offering practical solutions to your legal issues, providing a client focused, value-for-money service, this will not only continue but research shows that this is enhanced as an employee-owned business.
How will the transition to employee ownership affect the quality of the services we offer at Progression Solicitors?
Transition to employee ownership can be a positive step for both the employees and the business, as it creates a sense of ownership and motivation among the employees, leading to better productivity and long-term sustainability.
How will this impact the quality of service I receive?
Since all employees have a financial interest in the success of Progression Solicitors, they are more invested in providing excellent customer service. Employees are also more likely to go above and beyond to meet your needs as a client because the ownership mindset drives our employees to think like business owners, act as a trusted advisor and advocate for our clients as if our future depends on it – because it does.
How will the company continue to invest in its future growth and innovation as an employee-owned business?
Employee ownership leads to a more collaborative and innovative work environment, as employees are encouraged to contribute their ideas and take ownership of their work and success of the business. While our employees may not be shareholders, they are partners in progress. Shared ownership comes shared responsibility, fostering a collaborative environment
promoting innovation and excellence, strengthening our ability to deliver a top quality service in a local setting.
