The share price of listed fee-sharing firm Keystone Law rose to a year-long high today after a set of impressive financial results.

According to interim results for the six months ended 31 July, adjusted profit before tax rose by 11.2% to £6.2m, while revenue increased by 16.5% to £54.2m.

The company stated it would pay an interim dividend of 7.5p per share – up from 6.2p in the same period last year. Following the announcement to the London Stock Exchange this morning, the share price of Keystone Law Group plc rose by almost 6% to 660p.

The firm was one of the first to adopt a flexible working model where lawyers could keep up to 75% of the fees they brought in. This was enabled by a centralised back-office support team and handful of designated meeting rooms across the country.

The business has continued to target fee earners from other leading firms, recruiting 30 new principals during the six-month to bring its total up to 472. There were 164 applications to join the firm compared to 153 in the same period last year.

Keystone said it is confident that the full-year results will be ahead of current market expectations and that revenue will exceed £100m for the first time.

Chief executive James Knight said: ‘Keystone has produced another strong performance delivering high quality, sustainable growth, driving the business forwards and reasserting our position as market leader.

‘Although there remains global economic uncertainty, from which the UK is not exempt, we remain positive in the ongoing success of Keystone.’

The business will undergo a brand refresh in the second half of this year and continues to roll out generative AI tools, including the ability for lawyers to produce file notes of Teams meetings in seconds and to use generative AI solutions across any documents held within NetDocuments.