Staff at Lancaster solicitors celebrate news that they now own the company

Bosses at a Lancaster firm of solicitors have surprised staff by revealing the company is now employee owned.

Employees at Progression Solicitors are now able to share in our company’s profits and contribute as owners to the shared success of the firm, based on Thurnham Street in the city centre.

Staff are now part of a scheme called an Employee Ownership Trust (EOT).

A spokesperson for the company said: ‘’Research shows that employee-owned companies are stronger performing with employees who are more engaged and committed.

‘’Employee ownership allows us to continue to provide exceptional legal services that allow our clients to achieve their goals. We believe that employee ownership aligns perfectly with our core values as we are committed to upholding the highest standards of communication, pragmatism and client care, by being responsive and having empathy. 

‘’This new chapter for Progression Solicitors will continue to build upon our purpose of offering a service that we would want to have ourselves if we were in the same position as our clients. 

‘’The future is bright for Progression Solicitors, because our new ownership model will not only empower our team but will foster a collaborative environment promoting innovation and excellence, strengthening our ability to deliver a top quality service in a local setting.’’

EOTs are becoming more popular around the UK, with research showing that a combination of shared ownership and employee participation can lead to firms becoming more engaged, innovative, productive and sustainable.

Employee owners do not own shares directly, which are instead held by the EOT, managed and represented by a trustee.