Keystone Law has crossed the £100m mark with revenue growth of 17.9% for its last financial year, hitting £115.2m, up from £97.7m.
The results mean that Keystone has more than doubled its revenues in the last five years, up 109% from £55m in its 2021 results.
The firm also saw a 10.5% rise in revenue per principal, the firm’s partner-equivalent title, to £243,000 from £220k.
Adjusted profit before tax, meanwhile, jumped 20.6% to £15.3m, up from last year’s £12.7m.
‘These are some of the best results we’ve ever had,’ said CEO James Knight (pictured). ‘Not just because revenue is up strongly, but this year is notable in that everything is positive for Keystone: growth, earnings, revenue and recruitment. It is a strong set of results for us.’
Recruitment at the firm has continued apace. Recent additions include Linklaters corporate partner Denis Uvarov, who joined last April, and aircraft finance specialist Ilia Dvorkin, formerly head of structured and asset finance in Russia at A&O Shearman, who arrived in September. Growth has continued into 2026, with the firm’s hire of Ben Knowles, former international arbitration chair at Clyde & Co, who joined this February.
In total, the firm added 61 new principals during the financial year ending 31 January 2026, taking its total to 491, a 22% increase from last year’s figure of 455.
Knight said that the numbers show a firm that has transformed: ‘We started very much as an outlier, a quirky law firm that appealed to quirky individuals. We’ve since moved into mainstream acceptance.’
That shift has also changed the reasons lawyers join, Knight said: ‘Often now lawyers are joining us because the client wants them to take a step up. In the past, it used to be that clients wanted them to find a firm where they could charge less.’
In addition, Knight highlighted that many of the firm’s new principals had joined with ‘pod members’ – junior lawyers employed directly by the principals.
‘Nobody wants to bring in people on the hope and promise that they’re going to have the work,’ said Knight. ‘So it really does go to the confidence principals have when joining Keystone, that the work is there from day one.’
The market has responded positively to the results, with Keystone’s stock price up 8.4% from 475p per share at close on Tuesday (28 April) to 515p at time of writing (30 April).
