We studied the nanosecond laser-induced shape modifications of Ag colloids exposed to a converging laser beam during the ablation of a Ag target in water. To this end, we performed a series of laser ablation experiments in which the laser energy was varied while all other parameters were kept constant. In addition to transmission electron microscopy (TEM), the shape distribution of the Ag nanoparticles was determined by modelling the extinction spectra of the final colloidal solutions using theoretical calculations based on shape distributed effective medium theory (SDEMT). From these calculations, two physical parameters named sphericity and dispersity were introduced and used to gauge the evolution of the shape distribution of the particles. As the laser energy on the target was increased from 5 to 20 mJ/pulse, an apparently abrupt modification of the shape distribution of the particles was evidenced by both TEM and SDEMT calculations. This change is explained in terms of competitive fragmentation, growth and reshaping processes. On the basis the heating-melting-vaporization model, we demonstrate how the competition between these processes, occurring at different locations of the converging beam, determines the shape distribution of the final product. We highlight the relevance of the fluence gradient along the beam path and the laser interaction volume on the laser-induced modifications of the suspended particles during the ablation process.