The College of Law has rebranded as the University of Law, after being granted university status.

The college, which has held degree-awarding powers since 2006, says the award represents a "culmination of many years of growth, innovation and recognition of the institution's unique role in legal education".

The news comes after the college this April agreed a £200m sale of its education and training business to Montagu Private Equity, with its on-going charitable activities arm renamed the Legal Education Foundation (LEN).

With centres in London, Birmingham, Bristol, Chester, Guildford, Manchester and York, the university is the largest provider of professional legal education and training in Europe, with international links to the Singapore Institute of Legal Education, IE Law School in Madrid and Beijing's Renmin University of China Law School.

In May the college also formed a strategic collaboration with the Singapore Institute of Legal Education (SILE), through which the two bodies will develop new courses for aspiring lawyers as well as continuing professional development programmes for qualified lawyers in Singapore and the surrounding region.

In a statement, the university's chief executive Nigel Savage said: "As a specialised 'University of Law' we are a new type of institution, focused on teaching and learning, working alongside the research intensive universities which continue to provide leadership in research and our existing partners such as the Open University.

"We will help to bring diversity and increased student choice to the higher education spectrum; broaden access to the legal profession, and export high quality British education to aspiring lawyers across the globe."

Chairman of governors Professor David Yates said: "It is a welcome acknowledgement of the College's academic standards and recognition of its leadership in delivering innovation in teaching, learning and creating a more accessible and diverse legal profession."

Richard Moorhead, law professor at University College London, said he was surprised at the name change, as "it's such a well-established part of solicitor folklore", but thought it was unlikely to have any long term consequences. "It's just another signal that competition is getting stronger, both nationally and internationally," he added.

Diane Burleigh, chief executive of the Chartered Institute of Legal Executives said the extension of the university's offerings overseas would be important, underlining the significance of "English and Welsh law firms and legal businesses.. .for the UK in terms of global businesses".

"It is important that The College of Law should be able to compete with other higher education institutions within this new market," she added.

Allen & Overy senior partner David Morley commented: "Having a dedicated 'University of Law' which builds on the existing strengths of the College of Law will provide the UK with a national champion able to take on the best legal academic institutions in the world."