99 Keystone Law
Last updated: Oct 14, 2023
https://www.lexisnexis.co.uk/insights/rise-of-the-legal-consultants/index.html
Best overview of the company / industry!!!
https://www.london.edu/think/keystone-tops
History of Keystone
https://www.keypointlaw.com.au/about-us/ Australian sibling company
a copycat with some references:
https://twitter.com/Tristanwaine/status/1583357889019723776
cool online magazine: https://www.globallegalpost.com/
Keystone chief executive James Knight has bought 111,110 shares in the group for £500,000. He now owns 28.6 per cent of issued share capital. https://www.ft.com/content/683ea76a-91ed-4f4d-ad8e-07dc48638728
Finance director Ashley Miller explained to Legal Futures that the Keystone model – cash generative, non-acquisitive and capital light – meant it had “limited opportunities” to use cash and so the board had decided to return it to shareholders.
In all, at the year end, Keystone had 394 principals (up from 369) and 87 other fee-earners, mostly employed by principals in ‘pods’; it records a 5% annual churn, mainly due to retirement and says that 90% of new lawyers generate sustainable practices, with average billing per new principal of around £175,000.
the firm targets a mid-market that it values at £9bn and says is occupied by 185 law firms with 50,000 fee-earners.
Mr Miller said he was “comfortable” with predictions that revenue would hit £72m in a year’s time and £79m the year after, with profits of £8.6m and £9.5m respectively.
https://www.legalfutures.co.uk/latest-news/knights-share-price-dives-after-profits-warning
Fellow listed law firm: Knights
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