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News
Co-operative Legal Services announces £5.1m loss for first half of 2014
updated on 15 September 2014
The Co-operative Legal Services (CLS) has confirmed an operating loss of £5.1 million for the first half of the year, as reported by Legal Futures.
This follows a previous loss for CLS in 2013 of £22 million, as well as 60 redundancies for its personal injury department at the end of last year. The group accounted for the losses of 2014, pointing to the restructuring of CLS and a fall in sales by £5 million for the half-year period compared to 2013.
The Co-operative Group said: “In the last six months we have been focused on addressing the underlying issues, reducing the cost base, and restructuring the business to ensure it is the right size and shape for the future. […] [T]his restructuring has now been successfully completed, and we have a clear plan for the second half of the year, in which we expect a positive contribution from Legal Services as we move into 2015.”
To read more about the entrance of alternative business structures into the legal market, read our blog on innovation in legal services and how they behave differently.
