Significant annual growth: Co-op Legal Services more than doubles its operating profits
04 April 2024
- Co-op Legal Services’ operating profit more than doubles at £21m (2022: £8m)
- Driven by significant growth in probate and estate planning, and the ongoing success of partnerships and digital channels
- Revenue increased by almost 48% to £68m (2022: £46m)
- Figures achieved whilst Co-op Legal Services held key pricing points and member-owner discounts.
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 2023 with operating profits more than doubling reaching £21m (2022: £8m), and revenue increasing by almost 48% to £68m (2022: £46m)
This strong growth has mainly come through the business’ largest practice areas of probate and estate planning, achieving these figures whilst holding key pricing points and member-owner discounts.
Co-op Legal Services’ probate specialists helped 9,357 new clients (2022: 7,774) with their loved ones’ estates, a 20% increase compared to 2022. In estate planning, the legal business opened 26,539 new cases (2022: 19,349), a 37% increase compared to the year prior.
Significant progress to strengthen and grow the business during 2023 was made through the success of major partnerships. In 2023, Co-op Legal Services partnered with over 10 new organisations, including Saga, and Barnardo’s, Co-op’s charity partner.
The role of technology has further supported the growth of the business, as the use of digital client services has helped increase the number of clients. The business has released or updated on average 2-3 pieces of technology each week during the past year, which consisted of continuous improvements of existing applications but also included new internal and external releases of technology to help colleagues and clients.
In 2023, 60% of Co-op Legal Services’ clients were secured via these accessible channels (2022: 50%), the first year in which the legal business has seen the majority of clients use these routes to access its services.
Another key enabler of Co-op Legal Services success is its colleagues. In 2023, Co-op Legal Services’ overall trust pilot score was 4.7, which is rated as excellent, and the estate planning sales team maintained an incredible score of 4.9 throughout the year.
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. Their energy, empathy and hard work remains central to the service we provide to our customers and the growth of our business.
“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.”
ENDS
About Co-op Legal Services
Co-op Legal Services is regulated by the Solicitors Regulation Authority, providing legal services in England and Wales. It is one of the largest providers of estate planning and probate services in the UK, with specialist practices in family law, serious injury and medical negligence.
Co-op Legal Services’ mission is to help people understand the law, to use the law to protect their future and that of their loved ones. It achieves this by providing accessible, engaging, professional legal advice and support through a blend of digital and 1-2-1 specialist advice.
Co-op Legal Services is part of the Co-op Group.
For further information, contact: Sarah Jane Thoms Co-op Senior Press Office E: SarahJane.Thoms@coop.co.uk / pressoffice@coop.co.uk