Income and growth funds have both responded positively to the roadshow for Gateley’s float, and while most of the demand has come from UK institutional investors, some American firms are also expressing an interest as the US debates its own liberalisation of law firm ownership.

In 2012, the UK rules changed to allow law companies to convert from partnerships to an alternative business structure and accept investment from non-lawyers. While more than 300 firms have registered for the new model, it has not led to an explosion in one-stop shops for legal services, dubbed “Tesco law”.

Aside from the insurance claims and legal business Quindell, which sold its law business this year to Slater Gordon, Gateley is thought to be the first law practice to join the London market. Bankers at Cantor Fitzgerald are running the IPO.

“In terms of law firms, this is quite quick,” Mr Ward said of Gateley’s float. “The profession is generally cautious on these things…. [but now] I’ve got law firm managers from various firms asking to take me to lunch.”