Co-op Legal Services delivers significant growth
21 September 2023
- Revenue up by 41% to £31m during the first half of 2023 (same period 2022: £22.1m), driven by significant growth in probate and estate planning, and the ongoing success of partnerships and digital channels.
- Underlying profit increased by 125% to £9m (H1 2022: £4m)
- Against a backdrop of tough market conditions, Co-op Legal Services held its probate and estate planning prices throughout H1 2023 to support our member-owners and clients during these challenging times
Co-op Legal Services, the UK’s largest regulated provider of wills, estate planning and probate services, has announced incredible 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.
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 Following success, Co-op Legal Services will look to expand its deployment in the second half of 2023, having identified additional opportunities to use the technology to support its rapid growth.
Another key enabler of Co-op Legal Services success is its colleagues – by combining the qualities of empathy and expertise, they continue to deliver high standards of service daily for clients. This is reflected in the businesses strong CSAT scores (H1 2023: 85%) and excellent scores from Trustpilot, 4.9 out of 5 for Co-op Estate Planning and 4.8 out of 5 for Co-op Legal Services.
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."
To support its continued growth, Co-op Legal Services recruited 144 new candidates during the first six months of 2023, and expect to hire a similar number in the remainder of the year. As an accessible employer, Co-op Legal Services see the value in solicitor apprenticeships, the selection process for this year’s cohort began in May, with a number of them beginning in September.
In addition to this, it continues to support colleagues who are following other routes to qualification, such as the traditional training period, and anticipate three colleagues will qualify through this route later this year.
ENDS
For more information, please contact pressoffice@coop.co.uk