Ryan FowlerParfitt Cresswell, a law firm established in 1908, has shifted to an employee-owned business model. This change enables staff to have an indirect beneficial interest in the firm and participate in its financial success, with the potential for tax-free bonuses up to £3,600 per employee annually.
The transition to employee ownership aims to boost productivity, profitability, and sector competitiveness. It also focuses on enhancing sustainability, staff wellbeing, managing succession effectively, and ensuring the firm’s enduring success.
Since its acquisition by the current owners in 2007, Parfitt Cresswell has grown significantly. Originally a single-office operation with eight employees, it now boasts nine offices and a workforce of over 100, expanding through acquisitions of several practices.
Nigel Harper, group director, commented on the transition, saying: “Over the years, our fantastic team has built the business with us. We want them to share in our success. We set up the employee ownership trust to safeguard our shared legacy and promote the wellbeing of everyone associated with our business, today and in the years to come.”
