Keystone Law benefits from bull market and shift to homeworking, chief says
Keystone Law has benefited from the widespread shift to homeworking, the law firm’s founder and chief executive James Knight told City PM, as it forecast revenues and pre-tax profits for the year will beat expectations.
Keystone Law, which is listed on London’s Alternative Investment Market, today said it expects its revenues and pre-tax profits will be “marginally ahead of current market expectations” for the year ending on 31 January 2023.
“Over the last two years the legal profession has experienced something of a bull market,” Knight said. “We have been able to benefit on the back of that.”
Knight added that the uptick in business also helped Keystone offset higher costs related to the “extremely competitive” recruitment market, as competition for talent has driven up salaries throughout the legal sector.
As well as the bull market, the widespread shift to homeworking also benefited Keystone’s business, Knight argued.
The shift away from conventional working practices has “completely validated” Keystone’s decentralised, fully remote-working business model, Knight said, which the firm implemented back in 2011.
He said the “countrywide revolt” against returning to the office could now benefit Keystone further, as lawyers opt to leave firms that require them to work for a certain number of days each week.
At the time of writing, shares in Keystone Law were up almost seven per cent.