We investigate the possibility of preparation of laser-induced dichroism in composite glasses with a high concentration of silver nanoparticles. A detailed analysis based on the Maxwell-Garnett theory and experimental results shows that particles at different volume fractions react differently to the same laser irradiation parameters. Based on these findings, we demonstrate that a well-defined sequence of multiple irradiation and intermediate annealing can maximize the particles' aspect ratio and avoid unwanted partial destruction. The proposed irradiation technique permits production of micropolarizing structures with high polarization contrast in the visible and near-IR regions.