Myerson Solicitors has become the first law firm in Greater Manchester to become 100% employee-owned.
The Altrincham company, which has 150 staff, is now among the largest such organisations in the UK.
Founded in 1982 by Neil Myerson, the firm serves both business and private clients nationally and locally, with revenues up 15% to £17.5m for the year to the end of August 2024.
Myerson is now 100% owned by its employees through an Employee Ownership Trust (EOT).
A new Board of Trustees has been created, with the appointment of Steve Tudge, Joanne Evans and James Birch, who are tasked with ensuring the organisation is managed in the best interests of all its employees.
Meanwhile, the existing management board, under the leadership of CEO Carl Newton, will continue to oversee Myerson's operations and strategy. Additionally, the board will now include Jordanna Reynolds, the People Director, to represent the HR function.
Carl Newton, Myerson’s CEO, said: “We’ve always been bold and entrepreneurial. Becoming the first 100% employee-owned law firm in Manchester marks an exciting milestone for Myerson and for me personally, it's a very proud moment.
"Becoming an Employee-Owned Business allows us to give every single employee a stake in our firm’s financial success; it empowers our people, attracts top talent, and reinforces our people-centric culture.”
Myerson employees will now benefit from tax-free bonuses, greater stability and continuity, and increased investment in learning and development.
Employee Ownership Trusts (EOTs) have seen remarkable growth in the UK since their introduction in 2014.
The EOT model was designed to promote employee ownership by providing a tax-efficient mechanism for business owners to transfer ownership to their employees.
