Myerson facilitates the transition of Progression Solicitors to employee ownership
Myerson Solicitors, a Top UK 200 law firm based in Altrincham, Cheshire, is pleased to announce the successful transition of its client, Progression Solicitors, to an Employee Ownership Trust (EOT). Completed in October 2024, this marks the third EOT conversion in the legal sector that Myerson's corporate team has facilitated in the last quarter.
Established in 2005 by Managing Director Anthony Smith and Pamela Horobin, Progression Solicitors provides specialist services for a wide range of business and personal legal issues. The firm operates five offices across the South Lakes and North Lancashire, with its head office in Ulverston and additional locations in Windermere, Grange-over-Sands, Barrow-in-Furness, and Lancaster.
The new EOT structure for Progression Solicitors includes Anthony Smith, John Parker (Independent Trustee), and Michele Ashton (Employee Representative). This transition enables the firm to maintain its existing management team, ensuring no changes to day-to-day operations while fostering a culture of shared ownership among employees.
Anthony Smith expressed his enthusiasm: “Becoming an employee-owned firm is a proud moment for all of us at Progression Solicitors. This change is a testament to our dedication to our team and allows us to continue providing exceptional legal services with the added benefit of empowering our employees. Knowing that our people have a genuine stake in the business strengthens our commitment to each other and enhances our focus on serving our clients and supporting our community.”
This transaction is the latest in a series of successful EOT deals facilitated by Myerson, which has now supported three legal businesses in the past quarter. Following its own transition to 100% employee ownership in September 2024, Myerson has established itself as a leader in guiding law firms through the employee ownership journey.
Employee Ownership Trusts (EOTs) were established under the Finance Act 2014 to promote employee ownership as a viable business model in the UK. With approximately 2,000 employee-owned businesses now operating in the UK, this model reflects a significant shift in business structure and management. Recent changes made to Capital Gains Tax (CGT) in the Autumn Budget have made EOT ownership an even more attractive succession model for current business owners, providing that their business is suitable for employee ownership.
Terry Moore, Partner in the Corporate Team at Myerson, commented: “It is encouraging to see another law firm embrace employee ownership, and we are proud to play a part in this shift within the legal sector. The recent changes to CGT further enhance the appeal of EOTs, making it a compelling option for business owners looking for a sustainable succession plan.”