New-Style UK law firm Keystone Law is spreading its wings as it looks at expanding into Australia next year – with a new office to open in Sydney by March – but also into other jurisdictions.
Being a common law jurisdiction does not stop a law firm that has a business model based on lawyers working from home. And so Keystone are looking at expanding into other non-common law jurisdictions like Italy and Israel, as well.
LawFuel.co.nz reports on the business model has proven successful with alternative fee structures and using the British alternative business model to develop its business.The Australian move with Keystone setting up a Sydney head office in March 2014, follows talks some time ago with Slater & Gordon, the world’s first stock market listed law firm.
Those talks came to nothing, but the Keystone firm model has continued to expand in the UK, focusing upon high value and better service.
Keystone was granted its ABS licence in the UK in August which permitted non-solicitor co-founder Charles Stringer could become a director. Keystone CEO James Knight said he would consider seeking external investment for the Australian operation.
The firm’s revenue rose by 9.8 per cent from £11.2m in 2011/12 to £12.3m at the end of the latest financial year, The Lawyer reported. Half of those revenues are generated by corporate work and Keystone’s clients include household names such as Love Film, Neals Yard and Stagecoach.
The firm launched a law jobs campaign to attract 50 senior lawyers in July 2012, to support its plans to increase turnover to £25m over three years.Keystone’s first international expandion came in July when it opened an office in Guernsey and the company is looking at three other international jurisdictions in which to operate, including South Africa.