Breaking The Status Quo Leading the legal revolution by going public- key lessons for entrepreneurs.

In 2012, David Beech, CEO of Knights, made a bold move that would position the legal services firm as a pioneer in a notoriously traditional industry. Knights became the first business to capitalise on deregulation in the UK legal sector, adopting a corporate structure instead of the longstanding partnership model. This decision was no small feat—it separated ownership from management and enabled the company to evolve into the fast-growing legal powerhouse it is today.

"We were the first to use deregulation of the legal sector to adopt a corporate structure," Beech explains. "This freed our professionals to focus on our clients, delivering premium services with speed, accessibility, and high levels of communication."

For entrepreneurs looking to spot similar opportunities, the key lesson is to recognize regulatory shifts as catalysts for innovation. Whether you're in law, finance, healthcare, or technology, Beech's move demonstrates that when a market transforms, agile businesses can ride the wave of change. "Adopting a corporate structure can free professionals from traditional management," Beech says, pointing to the immense benefits this brings in terms of operational efficiency and team collaboration.

The corporate structure advantage: A blueprint for entrepreneurs
Knights' corporate restructuring had a profound impact on the company's service delivery and client relations. The shift allowed them to scale rapidly, fostering a culture in which lawyers work together as a cohesive unit, rather than competing against one another for equity or clients—a common dynamic in traditional law firms. "The fuel behind our growth has been making decisions that help our people work together as one team rather than competing as individuals," Beech emphasises.

In an industry where law firms are grappling with succession challenges and generational shifts, Knights' model offers a compelling alternative. "Traditional law firms are finding it increasingly difficult to secure the investment needed to allow existing partners to retire," Beech notes. Many firms, burdened by financial risk, face internal conflicts over succession planning. In contrast, Knights attracts a new generation of lawyers who want top-quality work in a modern, collaborative environment—without the financial strain of partnership.

For other entrepreneurs, the takeaway is clear: restructuring your business model to foster collaboration and remove internal barriers can unlock untapped growth. "Our business is for those who want to pursue their career in a way that works for them," Beech explains. By creating flexible career paths and maintaining modern, collaborative offices across the UK, Knights offers a forward-thinking alternative that has proven to be a magnet for top talent.

Going public: A strategic move for growth
Knights' decision to go public in 2018 was a turning point. As Beech explains, "Our public listing provided us with the profile to accelerate growth through strategic acquisitions and organic growth." Since then, Knights has expanded its presence to 26 locations across the UK and achieved an impressive £150 million in revenue, solidifying its position as a leader in the legal industry.

For entrepreneurs, Knights' journey underscores the importance of timing and positioning. "For a while we were an outlier," Beech admits. "But we are now a recognized name in our sector." By going public, Knights secured the capital and visibility needed to grow rapidly, both by acquiring complementary firms and attracting high-calibre professionals who see Knights as a safe alternative to the financial risks of traditional partnership.

Moreover, Beech believes that being a publicly listed company gives Knights a significant edge in attracting talent and investment—an advantage that entrepreneurs can replicate by considering similar moves in their own industries. "The modern generation of partners want quality work in a modern, collaborative environment without financial risk—and they can find all this at Knights," he says.

How Knights is shaping the legal landscape
Knights is no longer just a disruptor; it's an industry leader that's setting the pace for change. "We are showing what is possible when a business is freed from the traditional partnership model," Beech reflects. As more law firms face financial pressures and succession challenges, many are looking to Knights' model as a potential solution. "A growing number of law firms are looking at how we do business and concluding that to grow their business and solve their succession problems, they should become part of our Group," Beech explains.

This ripple effect is a lesson for entrepreneurs looking to influence their own markets. By identifying inefficiencies or pain points in your industry—such as the rigid partnership model in law—you can create innovative solutions that set a new standard. "The market now understands and trusts our model," Beech says, adding that Knights' ability to continuously attract top talent and acquire complementary firms has cemented its reputation as a leading legal services provider.

Looking ahead
As Knights looks to the future, its goals are ambitious: the firm aims to double its revenue over the next three years through a combination of organic growth and strategic acquisitions. "Traditional law firms face the dual headaches of squeezed cash flow and succession challenges," Beech notes. "We think that applies to most sectors—people are often so busy looking inward that they don't see the changes happening around them."

For entrepreneurs, Knights' success story serves as a reminder to stay attuned to shifts in your industry and to embrace change as an opportunity for growth. "When those changes become impossible to ignore, the solution is clear: look for a new way of doing business—and we provide exactly that," Beech concludes.

Knights' remarkable transformation from a law firm pioneer to a publicly listed industry leader is a powerful case study for entrepreneurs. By leveraging regulatory shifts, adopting a corporate structure, and embracing the benefits of public listing, Knights has not only shaped its own destiny but also influenced the future of the legal industry. For other entrepreneurs, the lessons are clear: embrace change, foster collaboration, and never be afraid to challenge the status quo.