Taylor Wessing has dropped plans to sell off its document review arm New Street Solutions (NSS) after failing to attract third party investment into the business.

The firm incorporated the low-cost due diligence service as a separate limited liability company in 2012, before seeking external investment with a view to divesting its majority stake in NSS at a later date.

The firm is now developing the service to focus on Taylor Wessing clients, though it is not an exclusive offering for them. When NSS was spun-off, it was hoped that the service could be offered to other law firms to generate additional revenue.

Clare Singleton, Taylor Wessing chief operating officer (COO), said: "The legal market may be ready for a platform such as NSS in the future, but we made the decision some time ago that, for the moment, NSS is most beneficially used as one of our answers to the need to deliver legal services more efficiently – particularly in this day and age, when the professional services sector is becoming ever more competitive.

"Since then we have been concentrating on developing it in that context, as a benefit for our clients rather than for the market at large."

NSS was originally set up in May 2011 to provide efficiency savings on due diligence, contract review and management, document production and corporate action preparation through software solutions.

Taylor Wessing's 2012-13 limited liability partnership accounts showed that NSS owed its parent firm £180,000 at the 2012-13 year end.

As of April 2013, Taylor Wessing owned 38% voting rights and ordinary shares in NSS, which is now a wholly owned subsidiary of the firm.