A trio of City firms have scored advisory roles on the potential sale of the UK's biggest legal education provider, The College of Law.

Allen & Overy (A&O), Weil Gotshal & Manges and Herbert Smith are among the firms advising on the sale, which was confirmed by the College in September last year.

A&O is advising the College on the sale process, with the magic circle firm's global chairman of corporate Richard Cranfield taking the lead.

Meanwhile, Weil and Herbert Smith are advising two potential bidders, with a second round of bids from both both private equity and trade buyers submitted earlier this month.

Weil is advising Providence Equity Partners, with City private equity partner Marco Compagnoni in the lead for the buyout house.

Herbert Smith, meanwhile, is advising longstanding client Pearson, the company which owns the Financial Times, on its interest in the law school. Corporate partner Gillian Fairfield is understood to be one of the partners involved.

Press reports have estimated the value of a sale at between £150m to £200m, with other interested bidders including Palamon Capital Partners and a buyout consortium including Exponent Private Equity and Sovereign Capital. Other interested trade buyers include KKR-owned Laureate International Universities.

It is understood that the College is in the process of finalising a shortlist of two or three preferred bidders, with any sale likely to be agreed by the end of February. Legal Week reported in September that the College had launched a strategic review, with one option including a sale, and others including forging new joint ventures with universities and commercial players around the world.

The College's main competitor BPP was taken over by US-based Apollo Global – a joint venture between Apollo Group and private equity house The Carlyle Group – for £300m.

All parties declined to comment on the sale process.