Keystone Law : Full Year Results Investor Presentation

1. THE MODEL

• Fully regulated law firm with plug and play platform
• Over 500 high quality, closely vetted, lawyers working from their own offices
• Simple pay when paid, performance- based, remuneration structure
• Lawyers themselves introduce 98% of clients
• Tech acts as a hub, driving efficiencies and limiting costs

2. GROWTH & SCALABLE

• Growth predominantly driven through recruitment of high calibre lawyers
• Excellent ability to scale due to pay when paid, own office working and fully scalable technology platform
• Pod concept further promotes growth and scale

3. THE OPPORTUNITY

• Profitable, cash generative, low risk, resilient business with excellent track record
• Seen by many as operating law firm model of the future, particularly in post COVID world
• Over £10bn largely addressable market

STRONG FINANCIAL PERFORMANCE

• Revenues up 8.1% on 2022
• Revenue per Principal increased by 4.1% on 2022
• Adjusted PBT up c. 6.3% on Underlying adjusted PBT 2022(1)
• Operating cash conversion 96.5%
• Dividend per share of 16.1p

CONTINUED GROWTH IN HIGHLY COMPETITIVE MARKET

• Continued to attract high calibre candidates
• Principals increased from 394 to 398
• Pod members grew from 80 to 95
• Total fee earners up from 481 to 507

INVESTING IN OUR PEOPLE AND CULTURE

• Provided a full programme of in person events for first time since the outbreak of Covid 19. These events are an essential tool in creating the intangible value which our collegiate and inclusive culture provides in attracting and retaining lawyers.
• Continued to invest in the Central office team, attracting and retaining talent so as to provide a service delivery ethos to our lawyers which is second to none.

32 398

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Offers Made / Accepted

42

2021 2022 2023