Annual Report & Accounts 2026
06
• Changes in attitude towards “New Law” – The acceptance of alternative legal models across the mainstream, whether that be platform models, in-house roles or working within lawtech, has changed the perception of what success looks like. Those who pursue non-traditional routes can not only benefit from the financial or lifestyle upsides which these routes may offer, but also receive the professional recognition they aspire to from their peers within the more traditional sectors of the profession.
OPPORTUNITY FOR KEYSTONE LAW The Keystone model, also known as the platform model, is now accepted as a serious option for high-calibre lawyers to practice law. We are generally regarded as the premier offering, with those at the top end of the profession seeking to move to a platform model, invariably attracted to Keystone in order to take advantage of the benefits offered not only by this model itself but more specifically the advantages offered by Keystone. The challenges faced by the traditional model and the manner in which traditional firms have responded to these challenges continues to ensure that there is a sizeable pool of highly qualified, talented lawyers across the UK mid-
market for Keystone to target and recruit from. Our continued focus on the calibre of the lawyers we recruit and retain, together with the quality of our service delivery underpins our ability to drive long-term sustainable growth into the future. In recent years we have seen a cultural change in the attitude towards remote working, brought on by the pandemic and developed since then. This change in attitude has contributed significantly to the mainstream acceptance of the Keystone model, extending its appeal beyond those who would historically have been attracted by its benefits and further opening up the pool of potential candidates for Keystone to recruit from.
The Directors believe that, as a result of these trends, the UK legal services mid-market offers significant opportunity for Keystone far into the future.
COMPETITIVE LANDSCAPE With the Keystone model now generally accepted in the mainstream, there have been a number of other platform firms which have established themselves in the various segments of the legal market-place. Whilst Keystone remains the premier platform law firm, operating at the top end of the mid-market, others have established themselves as predominantly B2C businesses or operate in other segments of the market. Keystone’s key differentiating characteristic within the platform law firm space is the calibre of its lawyers, and the strength and depth of expertise which it offers clients. Keystone remains the premier organisation within this genre, attracting and retaining lawyers from the very top end of the legal profession. Whilst recognising that the growth and proliferation of platform law firms across the industry is a positive endorsement of the model and acknowledging that Keystone is widely considered the market leader amongst these “new law” businesses. The primary opportunity for growth exists across the entire mid-market, as Keystone’s lawyers are predominantly recruited from the conventional firms operating in this segment of the market rather than other platform firms.
MARKET REVIEW CONTINUED
• Changes in attitude towards “New Law” – The acceptance of alternative legal models across the mainstream, whether that be platform models, in-house roles or working within lawtech, has changed the perception of what success looks like. Those who pursue non-traditional routes can not only benefit from the financial or lifestyle upsides which these routes may offer, but also receive the professional recognition they aspire to from their peers within the more traditional sectors of the profession.
OPPORTUNITY FOR KEYSTONE LAW The Keystone model, also known as the platform model, is now accepted as a serious option for high-calibre lawyers to practice law. We are generally regarded as the premier offering, with those at the top end of the profession seeking to move to a platform model, invariably attracted to Keystone in order to take advantage of the benefits offered not only by this model itself but more specifically the advantages offered by Keystone. The challenges faced by the traditional model and the manner in which traditional firms have responded to these challenges continues to ensure that there is a sizeable pool of highly qualified, talented lawyers across the UK mid-
market for Keystone to target and recruit from. Our continued focus on the calibre of the lawyers we recruit and retain, together with the quality of our service delivery underpins our ability to drive long-term sustainable growth into the future. In recent years we have seen a cultural change in the attitude towards remote working, brought on by the pandemic and developed since then. This change in attitude has contributed significantly to the mainstream acceptance of the Keystone model, extending its appeal beyond those who would historically have been attracted by its benefits and further opening up the pool of potential candidates for Keystone to recruit from.
The Directors believe that, as a result of these trends, the UK legal services mid-market offers significant opportunity for Keystone far into the future.
COMPETITIVE LANDSCAPE With the Keystone model now generally accepted in the mainstream, there have been a number of other platform firms which have established themselves in the various segments of the legal market-place. Whilst Keystone remains the premier platform law firm, operating at the top end of the mid-market, others have established themselves as predominantly B2C businesses or operate in other segments of the market. Keystone’s key differentiating characteristic within the platform law firm space is the calibre of its lawyers, and the strength and depth of expertise which it offers clients. Keystone remains the premier organisation within this genre, attracting and retaining lawyers from the very top end of the legal profession. Whilst recognising that the growth and proliferation of platform law firms across the industry is a positive endorsement of the model and acknowledging that Keystone is widely considered the market leader amongst these “new law” businesses. The primary opportunity for growth exists across the entire mid-market, as Keystone’s lawyers are predominantly recruited from the conventional firms operating in this segment of the market rather than other platform firms.
MARKET REVIEW CONTINUED