As EO Day shines a spotlight on employee ownership across the UK, Sam Moles, Employee Ownership Engagement Advisor at Stephens Scown, reflects on what ten years of employee ownership has taught us – and why the model continues to be as relevant today as it was when we first made the transition.
In 2016, Stephens Scown became the first large law firm in the UK to transition to employee ownership. At the time, it was a bold move – unusual in the legal sector, largely untested, and one that required trust in both our people and our values.
Ten years on, the impact has been transformative. Employee ownership has strengthened us culturally, commercially and operationally, while also enabling us to support many other businesses considering whether employee ownership could be right for them.
Becoming employee owned was about far more than changing our ownership structure. It was a commitment to building a business that puts people, purpose and long-term thinking at its heart. Looking back, it has been one of the most important decisions in the firm’s history.
Why we chose employee ownership
By 2016, Stephens Scown was already recognised for its strong culture and progressive approach to people. We wanted to ensure those qualities would be protected and strengthened for future generations.
Employee ownership offered a natural fit.
The Employee Ownership Trust (EOT) model aligned with the values that have always been important to us: collaboration, responsibility, trust and care. It placed ownership of the firm’s future with the people who contribute to its success every day.
The transition required careful planning, robust governance and a commitment to transparency. But the benefits were soon apparent. Engagement increased, people felt more connected to the firm’s success, and there was a renewed sense of shared purpose.
Like any business, we have faced challenges along the way. We’ve navigated the disruption of the pandemic, periods of economic uncertainty and the ongoing task of embedding an employee-owner mindset throughout the firm.
One of the most important lessons has been that employee ownership is not something you simply become – it’s something you continually work at. Through collaboratively developed values and behaviours, open communication and meaningful employee involvement, we continue to strengthen what ownership means in practice for every colleague, regardless of how long they have been with the firm.
What we’ve learned over ten years
A decade on, several themes stand out.
1. More engaged people
When people feel a genuine stake in a business, they see its success differently. We have seen stronger collaboration, greater accountability and a willingness to go the extra mile for clients and colleagues alike.
Our employee engagement levels remain consistently strong, contributing to our recognition as one of the UK’s Best Places to Work over a number of years. More importantly, the principle that every voice matters continues to shape how we make decisions, develop strategy and identify future leaders.
2. A stronger culture
Employee ownership has helped reinforce a culture built on trust, fairness and shared responsibility.
Clients regularly tell us they value our openness, integrity and partnership approach. Internally, ownership has helped create a culture that is resilient and adaptable, particularly during periods of significant change such as the move to remote working during Covid and our subsequent transition to hybrid working.
It has also helped us attract and retain people who are looking for more than a job – people who want to be part of something they can help shape.
3. Greater resilience and long-term thinking
One of the greatest strengths of employee ownership is its focus on the long term.
The model encourages sustainable decision-making rather than short-term gain, helping businesses invest confidently in their people, clients and future.
That mindset has proved invaluable during periods of uncertainty. It has supported thoughtful decision-making, financial discipline and a collective approach to overcoming challenges. Employee ownership has been a commercial strength as well as a cultural one, contributing to continued growth and some of the strongest financial results in the firm’s history.
4. Innovation driven by employee voice
Employee ownership gives people a meaningful platform to contribute ideas and influence change.
Across the firm, colleagues help shape improvements to client service, technology, culture, governance and community engagement. Our governance structures ensure those perspectives are heard and acted upon.
A recent example is the introduction of Employee Trustee Representatives to our strategic board following a governance review. As one of the first people to hold this role, I have seen first-hand the value of bringing employee-owner perspectives directly into strategic discussions.
Supporting clients on their own employee ownership journeys
One of the most rewarding outcomes of our own transition has been the opportunity to help other businesses explore employee ownership.
Over the past decade, we have advised organisations across sectors including manufacturing, technology, professional services, food production and the creative industries.
What clients often value most is that we bring both technical expertise and lived experience. We understand the legal, tax and governance aspects of employee ownership, but we also understand the cultural and operational realities that come with the transition.
Successful employee ownership is about more than structure. It’s about communication, leadership, culture and creating a genuine sense of shared ownership. Having experienced that journey ourselves, we are able to support clients through both the practical and people-focused aspects of change.
For many businesses, the outcomes are familiar: stronger engagement, greater resilience and a renewed sense of purpose.
Looking ahead
As we celebrate ten years as an employee-owned business, there is a great deal to be proud of. Not just the decision we made in 2016, but what that decision has enabled us to achieve since.
Employee ownership has shaped our culture, strengthened our business and given our people a meaningful stake in our future. It continues to influence how we grow, how we make decisions and how we support our clients.
If the last decade has taught us anything, it is that when people are trusted with ownership, they don’t just contribute to success – they help create it.
