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Eversheds chief executive David Gray and chairman Alan Jenkins will be the last two office-holders who can run for a third term.
The firm has changed its constitution so that the position of chair and chief executive can only be held for a maximum of two terms from the next election. At the moment the number of tenures is unlimited.
The terms, which are currently held for three years, will also be extended to four years.
Gray said extending the terms to four years will provide continuity, but by limiting the number of times a person can stand it means there will be a constant stream of "new dynamism, approaches and ideas".
"Leadership beyond eight years is long enough to see through changes that anyone wants to make," said Gray. "It's pretty much like the presidential style in the US - after eight years it's time for a change."
In addition to the limitation of the office bearers, the three partners elected on to the board will also be restricted to two terms, but of three-year periods.
Gray added: "The idea of not extending the terms for the board is to ensure that there's rotation among the partners so that they can bring fresh ideas to the table and make sure that we're representing the partnership."