Mishcon de Reya is exploring options to raise capital, including a potential float on the stock market or a stake sale to a private equity investor.

Sky News, which first broke the story on Saturday (July 20), reported that the firm is potentially looking to hire bankers in the coming months to explore options.

In a statement, a spokesperson at the firm responded: "Mishcon de Reya has delivered significant growth over the past 15 years. As a financially robust and dynamic firm we have ambitious plans for the next phase of growth and to achieve this [we] are considering all options for raising capital. No decisions have yet been made."

A listing by the firm would likely be valued at hundreds of millions of pounds and would be one of the industry's most closely watched test cases for taking third-party investment. The firm has revenues of more than £160 million and profit per equity partner of about £1 million.

Last year, Mishcon launched a brand management arm to advise companies on reputation, launches and strategy matters across 10 locations worldwide.

In March, DWF raised just over £95 million following its listing on the London Stock Exchange, but the IPO did not value the business as highly as was expected.

In 2015, Gateley became the first UK law firm to float, after it was listed on London's AIM market with a market capitalisation of £100 million. The move helped raise £30 million in capital for the firm. Other firms to have listed include Rosenblatt and Keystone Law.

In February, Fieldfisher ruled out an initial public offering in the near future.