The Serious Fraud Office (SFO) is poised to launch a consultation about bringing in a US-style plea bargaining system for UK companies involved in corruption cases.

The consultation, expected to be launched later this week by SFO director Richard Alderman, will look at creating a framework to speed up the handling of corruption cases by allowing businesses to admit offences in return for more lenient sentences.

The plans follow last month's publication of a report by former senior New York City prosecutor Jessica de Grazia and are intended to increase convictions on corruption cases.

The de Grazia report criticised the agency for its low conviction rate and urged the SFO to introduce a chief counsel to increase its legal capability – the organisation is already hunting for the right candidate for the post.

The report showed that the average conviction rate of the SFO was 61% between 2003 and 2007. However, the Manhattan District Attorney's Office had a 92% conviction rate over the same period.

Welcoming the recommendations, Alderman said: "I want the SFO to be the most effective prosecutorial agency in the country. We must bring more cases to court and do so faster. We want to encourage more people to plead guilty at an earlier stage of proceedings." He added: "I am determined to bring about the changes necessary to achieve these aims."

The agency is currently appealing a High Court judgment that former SFO director Robert Wardle illegally abandoned a corruption investigation into BAE Systems' dealings with the Saudi Arabian Government due to political considerations.

The SFO last year dropped its three-year investigation into the defence contractor and its relationship with the Saudi Government in December 2006.