Knights led the listed legal businesses in 2025 as others struggled amid the shrinking Law PLC sector
Listed legal businesses experienced sharply mixed fortunes in 2025, with law firm consolidator Knights emerging as the standout performer while several other legal-related companies struggled or exited the public markets.
According to the annual Legal Futures analysis of Law PLC, Knights was the best performing listed legal business of the year, with its share price rising by 70 per cent to end 2025 at 179p. The increase followed several years of stagnation, with the share price having reached a low of 64p in the summer of 2023 after peaking at 470p in 2020. Knights briefly traded as high as 210p in October 2025, returning to the level at which it listed in June 2018.
The strong performance came against a favourable wider market backdrop. The FTSE 100 rose by 21.5 per cent in 2025, its best annual performance since 2009, while the All Share index gained almost 20 per cent. However, all major legal stocks sit on AIM, whose All Share index rose by a more modest 6.5 per cent following two years of decline.
Knights reported revenue growth of 8 per cent to £162m in its most recent financial year, with underlying profit before tax rising 11 per cent to £28m. Reported profit before tax fell to £12.3m, largely due to acquisition-related costs.
During the year to April 2025, Knights completed acquisitions of Thursfields and IBB Law. It has since announced further deals, including a £16.6m acquisition of Essex firm Birkett Long, followed by Sussex firm Rix and Kay and Cardiff-based Le Gros Solicitors. These transactions marked the Knights’ 26th acquisition since listing.
Keystone Law also recorded a positive year, with its share price rising 7 per cent to 626p, although this remained below its 2021 peak. Revenue grew strongly in the first half of its financial year, with turnover reaching £54m and adjusted profit before tax increasing to £7.3m.
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In contrast, Gateley continued a prolonged share price decline, falling by 25 per cent to 103.5p despite ongoing diversification and solid trading. NAHL also endured a difficult year, with its share price halving to 35p, despite reporting improved profitability and reduced debt.
Zigup reversed a three-year decline, with shares rising 19 per cent after the group decided to exit the personal injury market, citing poor returns following regulatory reforms. Legal services represent only a small portion of Zigup’s overall operations.
DSW Capital joined the analysis following its entry into the legal market through the acquisition of DR Solicitors. Despite revenue growth of 32 per cent in the six months to September, its share price ended the year largely unchanged.
Elsewhere, litigation funders struggled. Burford Capital’s share price fell 36 per cent, while Litigation Capital Management collapsed to single-digit levels amid concerns about its financial viability. Manolete Partners also saw continued declines, despite increased case activity.
The year also saw further departures from the public markets. Frenkel Topping is set to delist following a private equity takeover, while Anexo Group went private in September. RBG Holdings was wound down in early 2025 after failing to appoint an administrator, marking another exit from the shrinking Law PLC sector.