Skip to content
Home » Co-Op’s Legal Arm Sees Profits Soar By Over 50%, Fuelled By Digital Strategies And Market Growth

Co-Op’s Legal Arm Sees Profits Soar By Over 50%, Fuelled By Digital Strategies And Market Growth

The Co-op’s legal division has reported a significant profit surge of over 50 per cent, buoyed by an uptick in new case openings.

The legal arm of the renowned retailer disclosed that its revenue soared by 56 per cent to £42m, a substantial increase from the £31m recorded for the corresponding period last year.

Underlying profits mirrored this growth, also rising by 56 per cent to reach £14m (H1 2023: £9m).

This robust performance was propelled by a swell in new case openings and the firm’s strategic emphasis on digital expansion.

The member-owned entity, known for providing accessible legal services in fields such as estate planning and probate, initiated 23,539 new cases, marking a 32 per cent jump from the previous year, as reported by City AM. Notably, the estate planning sector witnessed a remarkable 45 per cent surge in case openings.

The company’s investment in digital automation has been a key driver of this growth, enhancing operational efficiency and enabling service scalability.

The business attributes its ability to draw new clientele to its commitment to cost-effective, personalised services, setting a positive trajectory for sustained growth in the latter half of the financial year. Co-op Legal Services has also reaped benefits from forging partnerships with financial service entities and charities, including collaborations with Just Mortgages.

Caoilionn Hurley, the managing director, said the firm’s digital strategy and competitive pricing were pivotal to their impressive results, adding: “Co-op Legal Services has enjoyed an extremely positive start to 2024”.

The company’s significant increase in profit and revenue comes against a favourable market backdrop for legal services. The UK legal sector has grown by over 13 per cent in the past year, outperforming the broader professional services market.

Don’t miss the latest news and analysis with our regular North West newsletters – sign up here for free.

Story Saved

You can find this story in My Bookmarks.Or by navigating to the user icon in the top right.