Co-op Legal Services has announced an increase in profits – operating profits surged by 163% to £21 million in the year ending 31 December, accompanied by a 48% rise in revenue to £68 million.
The company experienced a 20% uptick in new probate clients and a notable 37% increase in estate planning matters compared to 2022. The announcement highlighted significant strides in business expansion, including the formation of over 10 new partnerships, notably with Saga and Barnardo’s.
Enhanced digital client services also played a pivotal role, with 60% of clients now engaging through digital channels, up from 50% in 2022.
Co-op Legal Services, an early adopter of the alternative business structures authorised by the SRA over a decade ago, initially symbolised the ‘Tesco Law’ era ushered in by regulatory liberalisation. Caoilionn Hurley, managing director of Co-op Life Services, said:
“2023 has been another incredibly strong year for Co-op Legal Services and I am extremely proud of all our colleagues who have played a crucial role in helping us achieve this.
Despite challenging external factors, our business has continued to show significant growth, which is apparent in the increase in both revenue and profits. Our focus on growing and building new partnerships, improving the accessibility of our services, engaging and attracting more Co-op member-owners, and continuing to improve and introduce new pieces of technology have all helped us to deliver incredible year on year results, a strategy which we will continue to adopt throughout 2024.”
