The issue is one of a number that the firm's management agreed to review when it merged 19 months ago.
A spokesperson for the firm said that the matter had been under more focused discussions in the past couple of months, but as yet, no deadline for a decision has been made.
Fewer than a dozen of the firm's 200 partners sit on boards. Although most of the large accounting firms prevent partners from sitting on boards, most law firms do not have such a strict policy.
Freehills' chief executive officer Peter Hay said: “Freehills' current policy does not preclude partners becoming directors of listed companies, but all appointments have to be approved by the firm, and the partner can't then undertake any legal work for the company.” He added that the policy was regularly reviewed.
Similarly, Corrs Chambers Westgarth said that its policy was reviewed annually in June.