It is understood the firm has been carrying out the evaluation for the last six months and any decisions are likely to be announced later this year.
All 17 UK offices have been examined, with particular focus placed on the West Midlands region.
Offices thought to be under consideration include the successful Walsall and Kidderminster branches.
The firm stopped using a Birmingham office several years due to the competition it faced from the Big Five. HCW, however, has not yet ruled out a return despite the Walsall and Kidderminster offices thriving.
A spokeswoman for the firm said reviews were operated on a continual basis. She added the firm was faced with the choice of continuing in the successful regional offices or moving into the heart of Birmingham where the competition was fierce.
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel