Keystone Law to float on London Stock Exchange
The 'disruptive' law firm is looking to raise £15m as it becomes the third firm to go public.
Keystone Law has announced plans to float on the London Stock Exchange, the the third law firm to do so. Gateley led the way in 2015 followed by Gordan Dadds last year.The law firm will join the Alernative Investment Market and will be known as Keystone Law Group. With revenues of £25.6 million and EBITDA of £2.1 million, the firm is looking to raise £15 million at a share price of 160p. Corporate broker Panmure Gordon has been instructed by the firm to act as financial adviser during the process.
The firm launched in 2002 as a remote business with lawyers working from home. With around 250 lawyers, it operates a different remuneration model to most law firms with lawyers, who do not get a salary, paid 60-70 per cent of fees once the law firm has been paid for the work. It has reported a 20 per cent annual growth. James Knight, Chief Executive Officer of Keystone Law Group plc, said: 'I am delighted to announce that Keystone will be joining the AIM market. The entire team has worked hard to establish our position as one of the leading UK mid-market challenger law firms. Our decision to list on the London Stock Exchange will provide us with the most resilient and stable platform to support our ambitious growth plans long into the future.' He added: 'The UK legal services market is the second largest in the world and I believe the Keystone model is well placed to take advantage of this significant opportunity. I look forward to continuing with our strategy of quality-centric growth, providing a superb standard of legal service to our many clients and delivering value for our shareholders.'