Co-op Legal Arm Profits Surge 165%
The offering has seen major upticks in revenue too, as new law continues to challenge the status-quo.
April 24, 2020 at 07:43 AM
2 minute read
U.K. consumer giant The Co-operative Group has announced strong financial results for its legal arm, as alternative legal offerings continue to challenge traditional firms.
The business' legal arm, Co-operative Legal Services, announced a surge in profits and revenue in the last financial year.
It announced in a statement on Friday that it has grown its profits by 165% from £2.3 million in its 2018 financial year, to £6.1 million in 2019.
It has also boosted its revenue by 14.8%, from £34.9 million to £40.1 million.
Caoilionn Hurley, managing director of Co-op Legal Services said in a statement: "We've seen a significant increase in sales across our estate planning, probate and family practice areas, which is evidenced by our strong underlying growth in revenue and profit.
"We've taken a major step forward as a business in 2019 and are well placed to deal with the challenges presented by the personal injury small claims reforms. I look forward to continuing to build on this success in 2020."
Co-operative Legal Services launched in 2006 and initially offered personal injury legal services. Since then it has expanded to include family law and employment law services, as well as will writing, conveyancing, probate and estate administration.
In 2012, it received approval from the Solicitors Regulation Authority to become an Alternative Business Structure (ABS). Co-operative Legal Services is one of several 'new law' offerings to have launched in recent years.
|Read More:
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