Co-op Legal Services says it is now the largest regulated provider of wills, estate planning and probate services, after a year in which financial performance soared.

The firm said today that revenue grew 19% to £46.3m in 2022 and underlying profit rose by 60% to £8m.

Co-op Legal was hailed as the figurehead of the ‘Tesco Law’ era after being one of three new alternative business structures licensed by the SRA more than 10 years ago. Performance has fluctuated since then, with the business at times having to absorb heavy losses, but the latest figures are a further indication that Co-op is starting to reach the potential that many analysts said it had a decade ago.

The business has reported big increases in probate and estate planning work and has also developed a new partnership with Amazon UK to offer digital wills.

Through the online retail giant, customers in England and Wales can purchase a single will drafted by Co-op Legal Services for £150 and a mirror will (suitable for couples with similar wishes) for £245. Details are inputted online and clients then receive a follow-up call from a will writing specialist who can answer any questions and finalise the document, which is then drafted and posted to them to sign.

Caoilionn Hurley, managing director of Co-op Legal Services, said: ‘2022 has been an incredibly strong year for our legal services business - in the context of challenges and economic uncertainty, we’ve continued to deliver strong growth. We also delivered on our commitment to make legal services affordable and accessible by bringing our services to new groups of customers in a way that works for them.’

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Co-op: Business has been boosted by a new partnership with Amazon UK to offer digital wills

Co-op took on 24% more probate cases than in 2021 and achieved a 28% year on year uplift in revenues. Revenue also rose by 9% in the estate planning business after a strong second half of the year.

As well as the new link with Amazon UK, last year Co-op Legal Services renewed existing contracts with Newcastle and Saffron Building Societies and Cancer Research UK and established a new partnership with the Co-operative Bank for estate planning services.

The business now has more than 600 staff working in Manchester, Bristol, Stratford-upon-Avon, Sheffield and London. As well as wills and probate, it also offers advice on family law, conveyancing, personal injury and medical negligence.

 

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