Co-op’s legal services arm reports jump in profit and revenue
Co-op Legal Services have achieved continued growth during the first half of this financial year, reporting a 56 per cent profit increase and a 35 per cent rise in revenue.
The Co-op’s legal reported that its profit jumped by over 50 per cent following a growth in new case openings.
The legal arm of the retail giant said its revenue grew by 56 per cent to £42m, up from £31m reported for the same period last year.
The business’s underlying profit also increased by 56 per cent to £14m (H1 2023: £9m).
The performance was driven by a growth in new case openings and the businesses focused on digital expansion.
The member-owned business, which offers affordable legal services in areas like estate planning and probate, opened 23,539 new cases, a 32 per cent increase from the same period last year.
Its estate planning division experienced an even larger uptick, with case openings up 45 per cent.
This growth has been fuelled by the company’s investment in digital automation, which is said to have improved operational efficiency and scaling services.
The business has said its focus on cost-effective personalised services continues to attract new clients, which is positioning it well for continued growth in the second half of this financial year.
Co-op Legal Services also benefited from partnerships with financial services firms and charities, including with Just Mortgages.
Managing director Caoilionn Hurley credited the firm’s digital strategy and value-for-money pricing for its strong results, affirming that “Co-op Legal Services has enjoyed an extremely positive start to 2024”.
The firm’s surge in profit and revenue comes amid a boosting market backdrop for legal services, as the UK legal sector grew by more than 13 per cent over the last year, surpassing the wider professional services market.
