RM2 advises on EOT Transaction for major law firm
Congratulations to Doyle Clayton, the specialist workplace law firm on its transition to employee ownership this week.
Doyle Clayton, top ranked by Chambers Guide to the UK Legal Profession and a top tier The Legal 500 firm, joins a very small group of law firms now owned by an Employee Ownership Trust (“EOT“).
Peter Doyle, Chief Executive at Doyle Clayton, and one of the selling shareholders, explained, “The transition to employee ownership has been a long time in the planning, including seeking approval from the Solicitors Regulation Authority (“SRA”) to the structure of the business. We’re delighted to be one of the first law firms to transition to this ownership structure which manages to retain the best parts of the traditional partnership structure but without the associated exclusivity. Doyle Clayton is proud to join the increasing numbers of businesses that have chosen employee ownership as the way forward, and we’re particularly happy to be an early adopter in the legal sector.”
The transaction, including identifying appropriate financing, was managed and arranged by RM2 Corporate Finance. Richard Cowley, who heads up RM2’s EOT team, said, “RM2 is very excited to have been involved in this transaction to employee ownership for a law firm. Traditional partnership based businesses, most commonly architects, have already embraced the concept of employee ownership by way of an EOT, and we see this approach as a great solution for other businesses that are typically structured as partnerships. We anticipate that Doyle Clayton will be a great example to other legal firms that this can be a great alternative to the partnership structure, particularly as this transaction has received blessing from the SRA.”
For an introduction to the Employee Ownership Trust check out our webinar tomorrow (a recording will be made available in our webinar archive), or if you are looking how to transition to employee ownership, contact Richard Cowley on 0208 949 5522 or email enquiries@rm2.co.uk
