Matt Slade: Really attractive business model
A law firm in Nottinghamshire founded in 1888 has become the first regulated by the Council for Licensed Conveyancers to transfer to employee ownership.
Matthew Slade, chief executive of Fidler & Pepper, said the firm had received two approaches from private equity groups and one from a larger law firm interested in buying it.
Fidler & Pepper, which specialises in conveyancing and private client work, has four offices in north Nottinghamshire and around 170 staff.
Mr Slade described transferring to an employment ownership trust (EOT) as “perfect for us and who we are”.
He went on: “It’s a really attractive business model. The thought of selling out would horrify us.”
Mr Slade owns the firm jointly with his brother Mark, chief technology officer and chair. Their father, Anthony, who bought the firm in 1962, was at its EOT launch event at a local hotel at the end of last month.
He said Fidler & Pepper had achieved “a few firsts”, for example in the 1990s when it became the first firm to send conveyancing updates by text.
Becoming an EOT provided a “true legacy” for Fidler & Pepper, “with a nod to dad as well”.
Mr Slade said the brothers had transferred 51% of their shares to the EOT “at this stage”. They would be paid for over a period of eight to 10 years, or sooner if possible.
They planned to remain in their posts for a similar period of time, which would provide “good reassurance” to staff.
EOTs can pay their staff tax-free bonuses of up to £3,600 a year, and Mr Slade said the firm’s bonus scheme would be reviewed but was currently more generous, even after tax.
He hoped Fidler & Pepper’s move to an EOT would inspire other licensed conveyancers to follow and he was open to informal chats with other firms who were interested.
“While this decision honours the past, it is equally about the future. Transitioning to an employee ownership trust gives us a strong and sustainable foundation for the years ahead.
“It allows us to build on everything that has already been created while ensuring the firm remains independent, ambitious and true to its values. Most importantly, it recognises that the success of Fidler & Pepper has always come from its people.”
Mark Slade added: “We’re incredibly proud of what has been built here over many years. This business began with a vision from our father, who believed that if you worked hard, treated people well and stayed true to your values, you could create something that lasted.
“My brother Matt and I grew up seeing the commitment, the responsibility and the care that went into building the firm. Over time, it has become far bigger than any one person or family. It has become a team, a culture and a place where people build careers, support each other and achieve great things together.”
There are now dozens of law firms owned by EOTs.
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