BHW Helps Law Firm Transition to Employee Ownership

Parfitt Cresswell, an expanding regional law firm with offices in London, Berkshire, Surrey, Sussex and Kent has successfully transitioned to employee-ownership through the sale of a majority of its issued share capital to an Employee Ownership Trust (EOT). Parfitt Cresswell has joined a growing list of employee-owned businesses, and in particular law firms, in the UK.

Parfitt Cresswell was first established in 1908 and was acquired by Teresa Payne in 2007. At the time it employed just 8 people in one office in Fulham Broadway. Since acquisition, the firm has grown to having 9 offices and now has a team of over 100 people.

Parfitt Cresswell also continues to trade using the legacy names of some of the firms it has acquired: Max Barford and Co, Colemans, Jevons, Riley and Pope, Charles Coleman and Co, Copley Clark and Keene Marsland.  The firm works in the areas of family law, commercial and residential property, wills, power of attorney, probate, trusts, dispute resolution, tax planning and employment.

Group Director of Parfitt Cresswell, Nigel Harper, explained why they’ve transferred to employee ownership: “Over the years, our fantastic team has built the business with us. We want them to share in our success. We set up the EOT to safeguard our shared legacy and promote the well-being of everyone associated with our business, today and in the years to come.”

Employee ownership offers a range of benefits and is proving to be a successful solution to succession planning for professional service firms, allowing them to retain their independence at a time when many are being consolidated.

Ed Nurse, Partner at BHW, and Cameron Connolly, Senior Associate at BHW, advised Parfitt Cresswell on the incorporation of the original partnership and the transition of the firm to employee ownership.

Ed said “Nigel and Teresa have worked tirelessly with us over the last 12 months to deliver their vision of employee ownership and to take the firm forward. It has been a highly rewarding transaction to work on and it is special to have been part of another law firm’s transition to employee ownership like us.

It’s been a pleasure working alongside Nigel and Teresa and I wish them and the business all the best for the future.”

Nigel added: “Teresa and I are very proud to have completed this transaction and we are excited for what the future holds for Parfitt Cresswell and its employees.

The advice and support received from BHW was integral to the execution of the firm’s transition to employee ownership. Ed, Cameron and the team at BHW were approachable throughout, and they provided us with valuable, pragmatic and specialist advice.”