Law firm Myerson snubs private equity for Employee Owned Trust model
Altrincham-based law firm Myerson Solicitors has converted to a 100% Employee-Owned Business (EOB), becoming the first law firm in Greater Manchester to do so.
With 150 employees, Myerson now also ranks among the largest employee-owned organisations in the UK, and they will now benefit from tax-free bonuses.
Founded in 1982 by Neil Myerson, the firm serves both business and private clients nationally and locally, having achieved 15% organic growth for the financial year ending 31 August 2024, with revenues reaching £17.5 million.
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 Chief Executive Officer 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.
While Employee Ownership Trusts (EOTs) have grown in popularity in the UK since their introduction in 2014, their take up amongst law firms has been low with only 20 law firms adopting the EOT model.
Carl Newton
Myerson’s chief executive Carl Newton, who joined the firm in 1995, said the firm was making a strong statement championing stability and independence instead of going down the private equity route: “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. In a market where we see numerous mergers and acquisitions by private equity houses and large national law firms, I am delighted that Myerson is making a strong statement, championing stability and independence.”
The legal work on the deal was completed by Corporate Partners Terry Moore and Akeel Latif. Terry Moore is an expert in the field of Employee Ownership Trusts, having acted for many clients, including other law firms.
