Employees take ownership of Yorkshire law firm

 Law firm Holden Smith has become an employee ownership trust (EOT).

The announcement comes as the firm reveals turnover for the year to October  grew to £8.5m.

The company, which has offices in Huddersfield, Elland, Horsforth, Leeds, Queensbury and Manchester was founded by directors James Smith and David Bancroft in  2019 and now employs more than 100 people.

Holden Smith’s current board of directors which in includes  Smith and Bancroft plus director of residential property, Ryanne Smith, and director of family law Leanne Pollard, will remain in control of strategy and business decisions.

The  newly appointed EOT board comprises Smith, Bancroft and corporate solicitor, Rob Kelly, with conveyancing solicitor Zack Baines becoming an employee representative. An employee council under the EOT board consists of Katie Sanderson, Frances Brocklehurst and Lauren Moody.

 Bancroft said: “We founded Holden Smith to do things differently and becoming an employee-owned firm is a significant milestone in the firm’s journey.

“As we enter our sixth year of Holden Smith, it’s crucial for us to consider how we can achieve sustained growth and retain the exceptional talent that has helped shape our success.”

“Becoming an employee ownership trust helps to secure the future of the firm while also aligning the interests of our employees with those of our senior leadership team and our long-term vision.”

Smith added: “Our people have been instrumental in the level of growth we have achieved since Holden Smith was founded in 2019. We hope that by giving them a stake in the firm we can continue to foster a collaborative approach to future growth that has our team at its core and fosters a culture of shared success.

“Our clients are also assured that the future of the firm is not susceptible to the unpredictability of external takeovers or leadership changes, giving them an extra-layer of confidence in maintaining long-term, strategic partnerships with Holden Smith.”