Clifford Chance managing partner Peter Cornell has announced that he will not be standing for re-election when his term comes to an end.
Cornell announced his decision to the firm's management committee on Friday 16 December - just hours after the partnership voted for reforms to the lockstep. He then communicated his decision by email to the partnership yesterday.
In a statement, Cornell said: "I have achieved the objectives I set when I took on the role - the firm's financial situation and profitability is greatly improved, we have established stability and some real progress in the Americas, and we have introduced practical and flexible systems for our remuneration and partner appraisal arrangements."
"David Childs, whom I appointed as global COO in 2003, has, with his team, realised significant improvements in the firm's management controls and cost management."
Cornell has been in management at Clifford Chance over 20 years. He was elected global managing partner in 2001, having been managing partner for Continental Europe from 1997.