The firm has also announced that chief finance officer John Mullins will take over from Norman Green as chief operating officer at the end of this month.
As general counsel Bakes will assume control of risk and compliance matters at the firm while also sharing some of Green’s COO responsibilities with Mullins, who will continue to be responsible for the firm’s financial affairs.
In a statement the firm said that Green is stepping down as COO to pursue consultancy opportunities and possible non-executive roles.
The statement added: “Norman is credited with increasing the effectiveness of the firm’s business support functions and aligning them more closely to the needs of the partnership.”
The appointments come as part of a new-look leadership at the firm, with finance partner Malcolm Hitching succeeding Jason Fox as head of global banking (5 February 2010) and Jonathan Scott being named senior partner (18 December 2009).