Field Fisher Waterhouse is bringing in an external body to value the business with a view to potentially seeking external investment during the next financial year.

The firm is currently reviewing options presented by the Legal Services Act, including a potential conversion to an alternative business structure (ABS), as well as the promotion of some of its senior non-lawyer employees – including London-based chief operating officer Charlie Keeling – to the partnership.

A spokesperson commented: "It is clear that law firms are capable of being valued. Firms will be looking at their businesses in this way and, particularly if they are looking for external investment, should be giving this more thought."

The firm is also currently in the final stages of overhauling its management structure, with the partnership currently electing members to a new supervisory board and managing partner Matthew Lohn (pictured) subsequently set to appoint a number of partners to a new executive committee.

An ABS conversion permits non-lawyer ownership of law firms through either external capital injections or a flotation and allows law firms to tag on non-legal services.

Fellow top 50 firm Kennedys recently confirmed that it is considering external investment to develop a range of new litigation products, while northwest law firm Keoghs is reportedly in talks to take investment from private equity house Bowmark Capital.

Last month saw the first-ever leveraged buyout of a law firm, with private equity house Duke Street acquiring a majority stake in the Parabis Group, the parent company of insurance litigation law firms Plexus Law and Cogent Law.