Keystone Law has secured £3.15m in funding from boutique private equity firm Root Capital.
Root will hold 35% of the alternative business structure’s shares, with the investment firm’s managing partner, Simon Philips, holding a seat on the board.
James Knight (pictured), managing partner of Keystone, said: ‘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, managing partner of Root, said it was attracted to the firm because of its ‘innovative leadership’. He said: ‘It is not weighed down by a partnership and it has the infrastructure, people and processes to make huge waves in the legal market.’
Keystone was granted an ABS licence in October 2013. The firm has doubled in size over the last 18 months to 150 solicitors and increased its turnover from £12.2m in 2013 to £14.1m this year.