National firm Irwin Mitchell has become one of the first law firms to give notice that it will seek external investment as it embraces the opportunities presented by the Legal Services Act.

The firm, which has nine offices in the UK, will seek external investment to raise extra capital and will restructure itself as an Alternative Business Structure (ABS).

In preparation for becoming an ABS, which will be permissible when LSA provisions come into force this October, the firm said it will adopt a new two-tier structure.

It said Irwin Mitchell LLP will remain the main operating business, ‘with the holding company becoming admitted with a view to its becoming the controlling member of Irwin Mitchell LLP’.

John Pickering (pictured), national managing partner of Irwin Mitchell, said: ‘The Legal Services Act will create exciting growth opportunities for strong, well-financed legal services businesses to accelerate their growth plans.

‘Irwin Mitchell intends to be at the forefront of these changes and we have therefore taken the decision to seek external investment to further our ambitious plans for the business.’

The firm has appointed Espirito Santo Investment Bank as its financial advisor to raise external capital. It said all options are under consideration, although a preferred method and timetable are still being discussed.