Insurance law firm Fenchurch Law has announced its shift to an employee ownership model.
The firm said in a news release that 60% of its shares will now be owned by its employees through a newly formed Employee Ownership Trust (EOT).
Managing partner David Pryce called the move “the natural next step for Fenchurch Law,”stating that becoming employee-owned reinforces the firm’s “progressive and unique values.”
“It gets rid of the ‘us’ and ‘them’ mentality and enables every member of the firm to share rewards and responsibilities,” Pryce said in an emailed statement. “It enables us to ensure that every member of the team has the opportunity to be fully involved with the ins and outs of the firm.”
As part of the transition, staff at Fenchurch Law can now step forward for roles within the management team. This will allow them to represent their colleagues and have a say in every facet of the business.
“I see the EOT as a continuation of the journey that the firm has been on since I first joined in 2018,” said Daniel Robin, a partner at the firm. “The focus has very much always been that the employees are the firm, and that the firm very much stands or falls as a result of the collective.”
“Whilst becoming employee-owned is somewhat uncommon, it is in complete alignment with the Fenchurch Law values,” added Chloe Franklin, who is an associate. “The firm has always promoted an environment where employees have been encouraged to contribute to the future of the firm and this step has confirmed it.”
Fenchurch Law is one of the first within the UK legal sector to adopt an employee ownership model, which has already seen success in other sectors. Companies that have adopted a similar model include insurance broker Howden, retail group John Lewis retail, and cosmetics giant Lush.
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