Keystone Law has been approved as an alternative business structure (ABS) by the Solicitors Regulation Authority and will convert to the new status on the 21 October 2013.
Keystone will use the new ABS licence to restructure the firm’s management, enabling non-solicitor Charles Stringer, who founded Keystone with managing partner James Knight to become a director of the firm.
Knight said that for Keystone Law the conversion to ABS “was always an inevitable and logical route” to take.
Commenting on the benefits of the new structure, he added: “It provides so much freedom and flexibility that by 2015, I anticipate over half of all UK firms will have taken the plunge or be contemplating doing so.”
Keystone is yet to confirm any joint-ventures that might arise from the new license but said it was exploring the potential to provide ancillary services with other professional services businesses.
The firm’s revenue rose by 9.8 per cent from £11.2m in 2011/12 to £12.3m at the end of the latest financial year.
Half of those revenues are generated by corporate work and clients include household names such as Love Film, Neals Yard and Stagecoach.
Keystone recently kicked off its international expansion strategy by opening its first overseas office in Guernsey (16 July 2013).
The firm has already expressed an interest in launching a commercial arm in Australia, and revealed plans to set up similar joint venture structures in Italy, France, Israel and South Africa earlier this year (3 August 2012) with announcements on the latter two of those expected in the autumn.