Sources at S&W said a decision to undertake an IPO will be largely dependent on the figures for year end April 2007. The numbers are said to be on track, and alongside a benign market should see the firm take a public listing in the autumn.

‘It’s not time-critical when we go to market,’ said one source. ‘But Easter will give us a better feel for an opportunity this year.’

‘Autumn 2007 is where we’re heading,’ said another source. ‘It’s been a long time in the planning, but realistically we won’t rush.’

Smith & Williamson is not alone in looking at an IPO. Bosses at Vantis indicated they expected upheavals in firm ownership, especially given the Clementi law reforms that are deregulating the ownership of law firms.

During the launch of Vantis’ interims last week, Jackson revealed that there was ‘significant interest’ among other firms. ‘S&W are not the only ones interested in listing. But those looking to do what we’ve done, it has to be done as an integrator model rather than the consolidator model,’ he added.

Vantis has bought traditional audit and tax compliance firms, looking to cross-sell consultancy services to a roster of clients.

S&W chief executive Gareth Pearce said ‘nothing had changed’ regarding the firm’s listing strategy since it purchased NCL in 2002, when it promised to consider an IPO before April 2008.

But Pearce confirmed that the firm would look further into the IPO during the summer.

The release of S&W’s annual report last September revealed the firm had appointed advisers to help the business consider flotation.

The firm posted strong growth figures for 2005/2006. Income for the year ended 30 April 2006 climbed to £134.3m from £105.8m a year earlier. Profit before tax climbed to £20.1m from £12.4m.

City analysts had earlier suggested that the firm’s market capitalisation could be valued at £250m – 15 times its earnings.