Friday, 24 November 2017
A BRIGHT FUTURE
Some readers of this blog may still have the fond illusion that I am a one-man band, ploughing my lonely furrow somewhere out there in the sticks, but that would be a long way from the truth. I am very proud that I have now been a member of KEYSTONE LAW’s planning law team for more than 8 years, and I look forward to being associated with this very successful and dynamic firm for a good few years to come. I have explained on several occasions that this blog is not (and was never intended to be) a marketing tool, but I can’t resist blowing a toot on my trumpet occasionally for the best law firm in which I have ever worked, in what is now a very long career.
Some of you may not be aware how large and successful a firm KEYSTONE LAW is. Our six-strong planning law team is part of the firm’s property law group, which contains over 70 lawyers. Overall, the firm now has more than 250 lawyers (mainly solicitors, but also some barristers, including two in our planning law team) practising throughout England & Wales (with office hubs in London, Bristol, Leeds and Newcastle), as well as Northern Ireland, the Isle of Man and Guernsey. The firm’s associated Australian practice, Keypoint Law, has offices in Sydney, Melbourne and Canberra.
After winning numerous industry awards, KEYSTONE LAW has entered The Lawyer Top 100 law firms this year, with reported annual revenue of more than £25 million. The firm became an ‘ABS’ in 2013, enabling private equity firm Root Capital to invest over £3 million in the firm in 2014, following which the practice has subsequently achieved annual revenue growth of more than 20%.
Now the firm is set to become a listed company, with an initial public offering which should raise around £15 million on a projected placing price of 160p. This puts the total capital value of KEYSTONE LAW at around £50 million. The shares will commence trading on Monday, 27 November. KEYSTONE LAW has a very strong central management team, who will remain very firmly in the saddle. James Knight, founder and Managing Director of the firm will become Chief Executive of the listed plc.
I see that some nay-sayers commenting in the Law Society’s Gazette have muttered darkly about law firms burdening themselves with debt, but city commentators point out that the financial restructuring enabled by this flotation is expected to result in the listed company being debt-free following completion of this re-capitalisation.
Unlike some large law firms one hears about, KEYSTONE LAW is a very happy ship, not least because the firm’s lawyers reap a very fair reward as a proportion of the costs they generate. There is a real ‘family’ feeling within the firm, and a refreshing absence of office politics. And the superb admin back-up from which we all benefit allows Keystone lawyers to get on with what we really enjoy, and do best - practising the law.
© MARTIN H GOODALL