Co-op Legal Services, the largest provider of wills, estate planning and probate services, has announced revenue growth of 41% to £31m for the first half of 2023. Underlying profit increased by 125% to £9m, up from £4m in the first six months of last year.
Co-op said it took on 22% more probate cases than in the same period of 2022 and the Estate Planning arm of the business recorded a 30% increase in revenue.
In expanding its ‘digital customer-facing service range’, which included the launch of electronic ID checking for clients and robotic process automation technology to improve efficiency, digital referrals increased by 51%.
Co-op Legal Services recruited 144 new staff during the first six months of this year and expects to hire a similar number in the second half.
The business was one of the first alternative business structures authorised by the SRA more than a decade ago. It was once hailed as the figurehead of the so-called ‘Tesco Law’ era following liberalisation of the sector, but endured several turbulent years before reining back its ambitions.
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.
‘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.’
The results follow this week’s announcement of a partnership between Co-op Legal and Saga, supplier of products and services for the over-50s. The partnership will provide support across a range of estate planning and probate solutions, including standard wills and inheritance tax planning as well as a free 10-point legal review to ‘act as a starting point for tailored support’ and free bereavement support.
Saga customers will be able to access advice and guidance from Co-op legal experts with fixed-fee pricing offered on a no-obligation basis.
