Co-op Legal Services Reports 41% Revenue Growth in First Half of 2023
Co-op Legal Services, the leading provider of wills, estate planning, and probate services, has reported impressive financial results for the first half of 2023. The company saw a remarkable 41% increase in revenue, reaching £31 million, with underlying profit soaring by 125% to £9 million.
One of the key factors contributing to this success was the significant growth in probate cases, with Co-op taking on 22% more cases compared to the same period last year. Additionally, the Estate Planning arm of the business experienced a 30% increase in revenue.
In line with their commitment to enhancing customer service through digital innovation, Co-op expanded its digital customer-facing services, introducing electronic ID checking for clients and robotic process automation technology to boost efficiency. This move resulted in a 51% increase in digital referrals.
To support their growing operations, Co-op Legal Services hired 144 new staff in the first half of the year and plans to recruit a similar number in the second half. The company, which was one of the first alternative business structures authorized by the SRA over a decade ago, has successfully navigated challenges in the legal sector to achieve this significant growth.
Caoilionn Hurley, managing director of Co-op Legal Services, expressed pride in the company’s performance, attributing the success to their strategic focus on digitalization, accessibility, strong partnerships, and delivering exceptional customer experiences.
In a recent development, Co-op Legal Services announced a partnership with Saga, a provider of products and services for the over-50s. This collaboration will offer a range of estate planning and probate solutions to Saga customers, including standard wills, inheritance tax planning, a free 10-point legal review, and bereavement support, all with fixed-fee pricing on a no-obligation basis.
The positive financial results and strategic partnerships highlight Co-op Legal Services’ commitment to innovation and customer satisfaction in the legal services sector.
