UK Top 100, challenger law firm Keystone Law has revealed excellent results for the year ended 31 January 2019, with revenue increasing by 35% to £42.7m and adjusted pre-tax profits increasing by 56.8% to £5.1m.
The company has had another successful year driving recruitment forwards with Principal lawyer (senior lawyers who contract with Keystone) numbers rising 13.5% from 244 to 277. This year, not only has the number of Principal lawyers increased but there has also been an increase in demand for additional support from junior lawyers which has been met either centrally or by means of the lawyers recruiting their own juniors to further grow their practices.
As well as financial success, the Keystone brand has seen an increase in recognition, particularly since being listed on the stock exchange. This has helped to strengthen the position of the brand in the marketplace and to gain recognition by the non-legal press in addition to the legal press.
James Knight, CEO and founder, commented:
"I am happy to report that the business has performed strongly throughout our first full year as a public company and as such has delivered good growth across all the business KPIs.
"The benefits offered by the Keystone business model, as well as the increasing brand recognition within the legal profession, continue to make Keystone a highly attractive proposition for high-calibre lawyers seeking a different way to develop their practice. As such, I strongly believe that Keystone is well positioned to take advantage of the significant market opportunity in the UK mid-market legal services market, which we believe is ripe for disruption.
"The current year has started well and the activity of the existing lawyers, together with the strength of our recruitment pipeline, gives me great confidence that the business will deliver another year of strong performance and profit growth. I look forward to another exciting year of growth and development as we continue to pursue our strategy for success."
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