Edinburgh-based law firm Fox and Partners has claimed that it is the first UK law firm to embrace full employee ownership of the business.
The firm, which specialises in employment law, has given its ten employees a stake in the business and will be run by a management board made up of representatives from all areas of the firm, so that legal, administrative, and support staff will all have a say in its direction and strategy. Legal advice is continuing to be provided by an independent firm, Fox Solicitors Ltd, which is regulated by the Law Society of Scotland.
With alternative business structures popping up all over England, the employee ownership structure is an interesting – and unusual – way for a law firm to operate.
However, it is worth pointing out that, although the provisions of the Legal Services (Scotland) Act 2010 that allow for the creation of alternative business structures (ABSs) are now in force, at the time of writing ABSs are not yet available in Scotland, as regulations are still required before they can be launched.