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Herbert Smith is replacing its head of corporate as the firm finally confirms its management restructure.
Caroline Goodall, previously head of the corporate finance department, will take over the running of the corporate division from Richard Bond who is stepping into the role of senior partner.
The move is part of a wide- scale review of Herbert Smith's structure, revealed in February this year (The Lawyer, 13 February), under which the firm broke up the existing litigation/arbitration, corporate and property departments into smaller groups.
While Goodall will head one division of the former corporate group, Clive Barnard, previously lead partner of the banking department, will now reside over the renamed finance unit.
Chris Harrison will step down from his role as head of property after a three-year term to hand over to Iain Rothnie.
According to Herbert Smith executive partner Tim Parkes, Harrison wanted to return to full-time fee earning and he would have stepped down regardless of what form the reorganisation took.
He says: "I think [Harrison] was fairly relaxed one way or the other. He was actually doing a lot of fee earning when he was heading the group."
Partners heading other newly formed divisions include previous head of trusts and charities John Wood, who will preside over employment and trusts, and former lead partner of IP Bill Moodie, who will now lead the newly created IP and IT department.
Harry Anderson, David Martin and Jonathan Scott will continue to lead litigation and arbitration, tax and construction, and engineering respectively.
Parkes says: "We got to the stage where we wanted to get more focused on what we were doing."