Keystone Law backed by £3.15m from private equity firm Root Capital
Young Guns Awards sponsor to use funding to “develop and expand infrastructure”
Disruptive law firm Keystone Law, sponsor of the Young Gun Awards, has revealed that it has secured £3.15m from private equity group Root Capital in a move set to “accelerate” the company’s growth.
As part of the deal, Root Capital will take a 35% equity share in the business with its managing partner Simon Philips taking a place on Keystone Law’s board.
Established in 2002, Keystone Law relies heavily on technology to drive efficiencies, while keeping overheads, admin and duplication to a minimum. In practice this means its 120-plus senior solicitors, all of whom have worked for top law firms for at least 10 years, work remotely.
It intends to use this latest investment to develop its infrastructure and will also go towards acquiring equity interest from Keystone Law founding partner Charles Stringer who will leave his full-time role to become non-executive director.
The news builds on the firm’s recent achievements with turnover of £14.1m for 2014, its first international office in Australia; Keypoint Law, and claims it has increased headcount by over 50% in the last 18 months.
Keystone Law managing partner, James Knight, said: “This move signifies one of the most significant strategic developments in Keystone’s 12 year history.
“We have always experienced strong organic growth and this additional capital injection will help us to realise our more ambitious growth plans. Root’s investment really will enable us to rapidly improve the facilities Keystone provides to its lawyers and the service it delivers to its clients.”
Simon Philips, Root Capital managing partner, continued:
“We were drawn to Keystone because it stands out from the crowd as a forward thinking law firm with innovative leadership and a clear vision. It is not weighed down by a partnership and it has the infrastructure, people and processes to make huge waves in the legal market. We understand the firm’s unique culture and personality and the driving factors that make it so successful and look forward to nurturing these in the future.”