Keystone Law (KEYS), a growing challenger law firm, announced a trading update stating that it expects profits will be comfortably ahead of current market expectations.
The Board reported that the company continued to trade strongly through the second half of the year, delivering ‘significant’ growth.
James Knight, Chief Executive Officer of Keystone, said: “Our distinctive platform model has successfully attracted a significant number of new, high-quality lawyers which has helped us scale the business.”
Shares in Keystone were up 11% to 380p a share following the announcement.
Mr. Knight said: “This impressive growth coupled with the excellent performance and hard work of our lawyers means that we are confident that we will comfortably beat market expectations.”
Keystone has a “clear and simple” growth strategy that it claims enables it to take advantage of a significant addressable market.
The company delivers legal services to predominantly SMEs and private individuals, with a team of 290 experienced self-employed lawyers, who have no direct remuneration, as fees are based solely on the income generated for Keystone.
Keystone’s bespoke proprietary software platform allows the company’s lawyers to interact with other lawyers as well as a central office team that fully supports them, allowing the lawyers in the group to focus entirely on business development and delivering legal work.
The strategy has been driving strong organic growth for the business, and the firm continues to invest in the infrastructure that underpins the company’s rapid scalability model.
The company said it continues to “make good strategic progress”, with a further market update expected in May.
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