What do I have to pay for in addition to the 25% Keystone keeps?
As a consequence of our lawyers being independent contractors rather than employees, lawyers need to provide the ‘tools of the trade’ such as:
- The cost of your practising certificate (about £300 a year);
- A laptop;
- The incorporation of your own service company; and
- Your office costs.
All of these costs are tax-deductible and we can recommend some accountants to help with the incorporation of your company, and bookkeeping going forward. Keystone provides all branded stationery free of charge.
Is the 15% referral fee fixed or can lawyers negotiate this?
Keystone has a ‘flat’ structure in which all lawyers are subject to the same remuneration arrangements and support, no matter what their billings. The 15% referral fee is fixed, leading to a lack of politics and a sense of fairness and equality across the firm. This engenders the spirit of collegiality and collaboration, which we believe makes Keystone unique amongst law firms today.
Do lawyers keep 75% regardless of the amount they bill, or does it increase if you meet a certain threshold?
Keystone’s simple and transparent remuneration structure is entirely performance-based, and the percentages are fixed and apply equally to every lawyer regardless of the amount they bill. We believe this is key to maintaining the ethos of fairness and equality, which is at the heart of our uniquely collaborative and collegiate culture.
More information on how our lawyers are remunerated can be found here.
If you have any questions regarding your circumstances, which are not covered in the above, please contact us on 020 3319 3700 or click here to fill out our contact form.