Funds under the control of solicitor investment managers increased to £2bn last year, according to figures released by the Association of Solicitor Investment Managers (Asim) last week.
The figure for funds managed by Asim members, who now number more than 90, represents an increase of more than £400m since 1996.
The association is hoping the sheer scale of the funds managed by Asim members will add weight to its representations to the Government on proposed reforms to the financial services sector.
Asim will outline its case by 18 February. A spokeswoman said that both it and its members would be "happy to be regulated by the new Financial Services Authority". However, she said the association would be fighting to preserve the right of its member firms to manage their investment operations.
She said forcing firms to hive off their investment management arms would be "more expensive because you would have to run two operations, adding: "It would also take more time because the legal and investment services provided would be more fragmented and less streamlined."