Traditional lawyers are sniffy about listed law firms. Having put in the hours to climb the pole towards partnership, many look down on their public rivals as greedy and publicity obsessed.
The predicted rush of floats in the aftermath of 2011’s relaxation of rules on law firms’ structures hasn’t sprung forth. Mishcon de Reya mulled, then pulled, plans to float; so did Irwin Mitchell. And some of those that did list foundered. DWF returned to private hands; Ince Group collapsed; and over the past five years, Gateley has lost a fifth of its value, while Knights’s share price has halved.
Against this backdrop, Keystone Law stands out. It’s an entrepreneurial set-up: about 500 self-employed lawyers introduce 98 per cent of clients to the business, and
