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 was 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 20 law firms who have converted to be employee owned and we do not believe any of them are situated in Cumbria and the South Lakes. It is believed that only four other businesses with a CA/LA postcode are employee owned and they all work in different sectors. Progression Solicitors are therefore very proud to be securing our legacy whilst leading the way as an employee ownership trust

How is an EOT managed?

An employee owned business is owned by a Trust. In Progression’s case, the Trustees will comprise of Anthony Smith (former shareholder), John Parker (semi-retired accountant – independent trustee) and Michele Ashton (employee of Progression – staff representative). All three will act as Trustees (the Trust is a Company Limited by Guarantee and registered at Companies House) and be legally obligated to act in the best interests of the beneficiaries of the trust, which will be our staff. Individual staff members do not hold shares

Will the Management Team change?

No, 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 we expect this to be further 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 the company, they are more invested in providing excellent customer service. They will likely also be more willing to go above and beyond to meet your needs as a client.

How will the company continue to invest in its future growth and innovation as an employee-owned business?

Employee ownership can lead to a more collaborative and innovative work environment, as employees will be encouraged to contribute their ideas and take ownership of their work and success of the business.