Queensland-based firm Carter Newell is looking to take advantage of a new state law allowing firms to incorporate by the end of the year.
Chief executive Peter Ellender said incorporation would allow the Australian firm to gain access to capital and allow the firm to share its profit with non-lawyers.
The firm is able to incorporate under the Legal Profession Act 2007, which is due to come into force on 1 July.
The legislation is similar to laws passed in Victoria in 2004 and New South Wales in 2001 that allow for the incorporation of law firms within those states. The news follows the decision of Slater & Gordon to list on the Australian Stock Exchange last month.
Ellender said the firm is not incorporating with a view to list, but added that it is something he would consider.