Manchester-based full-service law firm Slater Heelis has launched an employee benefits initiative that will offer staff the opportunity to acquire shares in the business for the first time.
The Share Incentive Plan will democratise ownership structures within the firm and encourage greater accountability, offering additional financial support to employees in the face of the cost-of-living crisis.
A Share Incentive Plan is a vehicle approved by HMRC that promotes partial ownership for employees, enabling them to obtain shares in their employer company in a tax efficient way.
Through their scheme, Slater Heelis’ 200+ employees are set to financially benefit from the firm’s future success. All employees who have worked continuously at Slater Heelis for six months will receive free shares in the firm, with the additional opportunity to purchase partnership shares – with each purchased share being matched by the firm.
Chris Bishop, Managing Partner of Slater Heelis, says:
“Slater Heelis prides itself on an ethos of togetherness, so moving to a shared ownership model that enables employees to share in the company’s success seemed only a natural continuation of this. The firm is celebrating its 250th anniversary this year, so it’s the perfect time to honour and build on that legacy in a way that gives greater agency to the beating heart of our company: our people.”
Partner Simon Wallwork, assisted by Sophie Fleetwood and the Slater Heelis Management team, led the project. Simon adds:
“We recognise that our people are our greatest asset, and our hope is that this move will not only serve to empower and motivate existing employees, but also attract fresh talent ranging in seniority.
“Ultimately, this next chapter for Slater Heelis is one we’re all part of – an apt celebration of the hard work and talent of the incredible employees who make us the leading law firm that we are.”
James de le Vingne, Chief Executive of the Employee Ownership Association (EOA) adds:
“We congratulate Slater Heelis on introducing this employee benefits scheme. Giving employees a stake builds trust and shared responsibility that unites leaders and employees behind a common purpose”.
Andrew Baker, partner and regional professional services lead at RSM UK, says:
“It’s been great to work alongside Slater Heelis on the implementation of its Share Incentive Plan. Following the innovative move to incorporate its traditional Limited Liability Partner structure that many professional services firms adopt, and having worked with us to understand the benefits, establishing the SIP was the natural next step.
“Slater Heelis was keen to align its wider ownership structure with its approach to employee engagement and recognises that giving employees an equity stake can be hugely beneficial. The SIP allows the company to achieve this objective, whilst obtaining some welcome tax advantages for its employees. We believe that this will act as a positive differentiator for Slater Heelis as it embarks on the next chapter.”
