Co-op Legal’s Profits Up 28% As Business Grows To 600 Staff
The Co-op’s legal services arm continues to make steady progress, with turnover and profits rising in the past year, the business reported today. In the year ending 31 December 2021 profits rose 28% to £5 million on revenue up 3% to £39m.
The figures are perhaps not on the scale that the group imagined when it became one of the first three alternative business structures almost exactly 10 years ago, but bosses will be pleased to have recorded positive results after several difficult years and the impact of the pandemic.
In a ’strong year’ for Co-op Legal Services, the company said it continued to grow ’despite facing into several challenges and exiting the small claims personal injury market, following the sale of our insurance underwriting business to Markerstudy Group’. The company is confident of ‘fast rate’ growth in 2022.
The legal services business had adapted to suit the challenges relating to lockdown and these changes would be ‘important strategic enablers’ for future growth, the Co-op said. The company now offers services in wills and probate, family law, conveyancing, serious injury and medical negligence, and employment law.
More than 600 staff work from offices in Manchester, Bristol, Stratford-upon-Avon, Sheffield and London.
The legal services arm started out in 2006 providing personal injury and legal service advice to Co-op members. It now claims to be a market leader in probate and estate administration and one of the leading will writing businesses in England and Wales.