Oliver & Co chose the EOT model over the hybrid and direct share model primarily for its ability to provide a cohesive and unified ownership structure.
By adopting the EOT model, we aimed to nurture a strong sense of collective responsibility and long-term commitment among all employees.
The EOT approach aligned closely with our goal of creating an equitable workplace culture where every employee shares in the firm’s success.
Unlike the hybrid model, which can involve a mix of direct share ownership and trust-held shares, the EOT model offered a simpler and more integrated solution, minimising complexity and ensuring that all employees had an equal stake in the firm's future.
This alignment with our values of inclusivity and transparency was a key factor in our decision.
The transition process was not without its challenges. It required a cultural shift, significant planning, and a commitment to transparency. However, the outcomes have been overwhelmingly positive.
The transition involved creating our EOT, which now provides employees who have been with the business longer than six months with equal shares of the firm regardless of their tenure and role.
This plan not only incentivised performance but also instilled a sense of pride and ownership.
The transition also necessitated adjustments in management practices. Regular meetings are held to ensure positive collaboration, where financial performance and strategic decisions are openly discussed.
Our employee-reps, which are voted for internally by each department, meet quarterly to bring new ideas in enhancing our business culture and practises.
Further to this, every employee is now provided with an overview of the company accounts each quarter to ensure full transparency from each department.
This openness fosters trust and collective decision-making, empowering employees to contribute ideas and strategies that benefit the firm as a whole.
At Oliver & Co Solicitors, EO has transformed our firm culture. Employees feel a sense of ownership and responsibility, which has led to increased collaboration and innovation. Most recently, the decision to install a gym in the office was passed by our employee-reps.
Financially, the firm has seen improved stability and growth, as employees are more invested in the firm's success. The sense of collective responsibility has led to better financial management and cost-saving innovations.
Comparing 2022/23 to 2023/24 for Oliver & Co Solicitors, stationery costs came down 9.5%. For the same years again, printing and copying costs were reduced by 25%.
Ultimately, this improved financial management has led to a total of £3,000 income tax-free bonus’ for each qualifying employee since becoming employee owned in 2022.
Hosting the Annual Employee Owned Law Firm Conference at Chester Zoo this year allowed us to share our insights and best practices with peers across the industry, further cementing our role as a leader in this space.
The conference was a testament to the collaborative spirit of an EOT. It provided a platform for firms to share their journeys, discuss challenges, and exchange best practices. It highlighted the collective wisdom within the employee owned sector and underscored the importance of a supportive network.