Howard Kennedy is claiming to be the first law firm to set up an investment fund for internet companies.
The London firm will establish and manage the fund with a group of companies, including accountancy firms and IT consultants.
The fund will finance a portfolio of e-commerce companies.
The scheme's intention is to spread the risk of investments in a volatile market and reduce the risk to clients of losing large amounts of money.
Keith Lassman, corporate finance partner at Howard Kennedy, says: “It is an internet investment club.
“We are targeting high worth individuals. They do not have to know much about the internet.
“We will manage the portfolio, and we have clearly identified our market.
“Any one of the companies in the portfolio could take off and make it big.
“Most of the investments will go down in value, others will hold value. But it only takes one to take off to get a big return.
“I don't think any other law firm is working on an investment club.
“We have access to investors. We do a lot of EU work and that gives us a broad range of contacts who will invest in this.”
Lassman says the first portfolio will be worth at least £5m, and he adds that its value is likely to rise quickly.
He says: “If it works it will get much bigger.
“There is an incredible amount of interest in this.
“E-commerce is a big thing. People are desperate to get into it.”
IT/IP partner John Fleming and company law assistant Paul Miller will work on the fund with Lassman.