Employee Owned Trust (EOT)
At Talbots Law, we believe we are better together
Talbots Law converted to Employee Owned Trust status in November 2021, becoming the first law firm in the West Midlands to transition to this model. So, what does this mean, and how does it benefit you?
What is an Employee Owned Trust (EOT)?
Employee Ownership Trusts (EOTs) are a Government initiative aimed to promote employee ownership. EOTs do not involve direct share ownership by employees. Instead, a controlling interest in the company is transferred to an all-employee trust which is then held for the benefit of employees.
How does it work?
Employees do not directly own shares in the company, but they are the beneficiaries of the EOT. So, employees don’t have to spend any of their own money buying shares of the company, but can still financially benefit from a share of the business profits via the EOT.
What is the Trustee Board?
Whilst the Trust Directors are not involved in the daily business of the firm, they can speak up on whatever topics they deem important, supporting and helping the business be the kind of firm it wants to be. Whilst it is left to the Leadership Team of Talbots Law to make important strategic decisions, the trustees hold the Leadership Team of Talbots Law to account for the decisions they make, since they are responsible for ensuring that the company is well-led and progressing according to its goals and business plan.
What is the Employee Voice Forum?
The Employee Voice Forum is designed to provide all employee owners a platform to have a voice and make suggestions that are to the benefit of the company and all employee owners. The committee of representatives meets regularly to discuss suggestions made by all employee owners and viable suggestions are then forwarded to the Trustee Board who will seek approval from the Leadership Team for implementation.
