Mischon would become the seventh law firm to join the exchange since the law was changed to make that possible in 2007.

With revenues of around £188 million in the year to April 2021, it would also become one of the largest listed law firms after DWF (£282 million), Knights Group (£359m) and Keystone Law (£195m).

Mishcon has mandated JP Morgan Cazenove to advise on the possible IPO, which the firm says could take place “as early as the fourth quarter of 2021”.

As part of the proposed IPO, every member of staff at Mishcon would become a shareholder in the listed business.

Executive chairperson Kevin Gold said: “I am delighted that the leadership team is mandated to explore a public listing as we look to further develop our offering to clients. It will enable us to invest in talent, our core areas, our allied services, as well as technology and Asia.

“I am also proud that my partners have decided to award shares to all staff. It means every single one of our people will have a meaningful stake in our business.”