Co-op Legal Services has announced their year on year growth for the first half of 2023 with revenue up 41% to £31m (same period of 2022: £22.1m) and a 125% increase in underlying profits to £9m (H1 2022: £4m)
Co-op Legal Services continued to lead the market for probate, taking on 22% more cases than in the same period of 2022. The Estate Planning arm of the business had an outstanding first half to the year, resulting in a 30% increase in revenue in 2023.
They have stated that significant progress to strengthen and grow the business during 2023 was made through the success of major partnerships. During the first half of 2023, Co-op Legal Services introduced new partnerships with the Co-operative Bank and Central Co-op.
Throughout the first half of 2023, Co-op Legal Services continued to evolve its service offering by expanding its digital customer-facing service range, which helped increase digital referrals by 51% compared to the same period in 2022.
The business launched electronic ID checking for clients and helped improve the platform’s efficiency by investing in robotic process automation technology.
Caoilionn Hurley, Managing Director, Co-op Legal Services said:
“The first six months of 2023 have been an incredibly strong period for Co-op Legal Services. Despite challenging external factors, our business has continued to show significant growth, which is apparent in the increase in both revenue and profits.
We continue to grow our Legal Services business thanks to the energy and passion of our colleagues. They are the cornerstone of our business and continue to drive innovation while at the same time providing their expertise with warmth and empathy.
Our strategy of increased digitalisation and accessibility, growing and maintaining strong partnerships, and the delivery of unique customer journeys has continued to support our growth this year leading to high levels of client satisfaction.”