Shareholders in listed firm Keystone Law can expect a bonus dividend after a year in which the firm continued to grow turnover and profit.
The consultancy law firm, where lawyers are paid up to 75% of what they bill, today reported that in the year to 31 January 2025 adjusted pre-tax profit was up 12% to £12.7m on revenue up by 11% to £97.7m.
The results buck the trend of listed law firms struggling to increase profits and also reflect continued interest from sections of the legal profession in new types of legal practice. More than a quarter of new joiners during the year came from the UK office of a large US firm or a top-25 UK firm. During the period, Keystone received 283 qualified applicants (2024: 270), made offers to 95 candidates (2024: 103), and 52 candidates accepted offers (2024: 68). The firm now has 455 principals in total.
The company said it would pay a total dividend of 20.2p per share (up from 18.3p a year ago) and proposed a special dividend of 15p. Shares in Keystone Law Group plc rose by 3.3% to 529p today following the results announcement.
James Knight, chief executive, said: ‘I have been extremely pleased with Keystone’s performance over the last financial year. Our quality focused recruitment strategy continues to pay dividends, making Keystone the premier platform law firm and the stand-out choice for the high-calibre talent we wish to attract and retain.
‘Our focus on the delivery of excellence across the business continues to underpin our growth aspirations, alongside our commitment to maintaining our progressive dividend policy, which has now seen us return over £45m to shareholders since our IPO in 2017.’
The firm markets itself to potential recruits as a workplace where lawyers have freedom, flexibility and autonomy and can determine how, when and where they work. This is supported by a central office team and network of colleagues and events.
