Fieldfisher guides leading architecture practice MoreySmith to employee ownership
International law firm Fieldfisher has advised MoreySmith, a London-based design and architecture practice, on establishing an Employee Ownership Trust (EOT) with all MoreySmith's employees as its beneficiaries.
The completion of MoreySmith's move to employee ownership is the latest in a series of successful transitions to EOT ownership that Fieldfisher has advised on since EOTs were introduced in 2014.
Founded 25 years ago by Linda Morey-Burrows, who remains the company's Principal Director, MoreySmith has grown from a three-person operation to a thriving business employing more than 40 people.
The company decided that a move to EOT ownership would further strengthen the practice.
MoreySmith will be run by its existing management for the benefit of all its employees, who become eligible for income tax-free bonuses, among other advantages, and will have a collective voice in shaping MoreySmith for the future.
MoreySmith is one of the most respected practices in its industry and has completed major projects for clients including Sony Music, Moët Hennessy, Primark, Coca-Cola and FTSE 100 property company, British Land and Argent.
There is growing demand for all forms of employee ownership, as an increasing number of businesses come to appreciate the benefits of "EO" business models.
Graeme Nuttall is widely regarded as a leading expert on employee ownership and many important EO policy developments have arisen as a result of initiatives involving his experience.
The EOT concept was introduced following his "Nuttall Review of Employee Ownership" for the UK Government and his work at Fieldfisher continues to advance the case for EO.
Commenting on MoreySmith's successful transition to EOT-ownership, Graeme said:
"Changing from an owner-managed business to one that is employee-owned is part of a growing trend towards enabling staff to share in business success.
"There continues to be all-party political support for EO, which helps endorse this powerfully future-proof type of business model.
"Future-proofing is proving increasingly attractive to forward-thinking management teams. Under Linda's leadership, MoreySmith is committed to recognising the contributions staff have made to its success as a leading design and architecture practice and EOT ownership reflects the practice’s people-orientated ethos."
Linda Morey-Burrows, Founder and Principal Director, MoreySmith said:
“We believe that by giving all our employees the opportunity to benefit from MoreySmith’s success, we will continue to build our already thriving, committed, engaged and innovative culture. MoreySmith has been a major part of my life over the last 25 years and I’m very excited to be able to further share the rewards.”
For the latest news and views on employee ownership, follow Fieldfisher Partner Graeme Nuttall OBE on Twitter @nuttallreview.