Pinsent Masons has maintained its position as the law firm with the largest number of clients listed on London's Alternative Investment Market (AIM).

Hemscott rankings for the three-month period ending 5 October show that Pinsents gained one new AIM-listed client over the quarter, increasing its tally to 56.

The junior market data shows that of the firms featuring in the top 20 rankings, only Pinsents, LG and Stephenson Harwood increased their client count. LG gained one new client, taking it to 51, while Stephenson Harwood claimed two new clients, boosting its tally to 38.

DLA Piper, Eversheds and Norton Rose all saw their AIM-listed client base shrink over the three-month period.

The data from Hemscott comes as the junior market shows signs of creaking back to life after a difficult 2009 in which new listings all but disappeared. Earlier this month Pinsents advised China Private Equity Investment Holdings on its $5m (£3m) fundraising and AIM flotation.

Pinsents corporate finance partner David Stevenson said: "Retaining clients in this market is challenging and not necessarily about just doing a good job – clients are much more likely to scrutinise fee proposals and shop around."

LG corporate partner Tom Nicholls said: "The old IPO machine is cranking up again with a number of companies well under way in the process – although there is no certainty that they will get away."

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