- Gross margin suffers through falling utilisation
- Improved cash generation and conversion
A capital-light business model in which fee earners work remotely, but are connected to a central support network via proprietary software. Sounds like an ideal set-up given the events of the last 12-months or so. Yet that is the default position for Keystone Law (KEYS), an industry disruptor that has delivered a 4 per cent increase in adjusted earnings for FY2021, despite softening client demand during the first half of its fiscal year.