South East firm Lester Aldridge is preparing to elect a new managing partner following the decision by current incumbent Roger Woolley to step down after six years.
The firm is planning to hold a vote on 19 June, with the deadline for entries at the end of May. There are currently three candidates: Rachel Lapworth, head of real estate, Karen Savage, head of fast-track, and corporate partner Tim Ford.
The successful partner will take over in the autumn for a three-year term following a handover period. Woolley, a commercial property partner, will return to a full-time fee-earning role.
The firm, which has offices in Bournemouth, London, Milton Keynes and Southampton, also sold its investment management arm LA Invest after the increasing cost of compliance made it less cost-effective.
LA Invest has been bought by Ashcourt Holdings, a subsidiary of specialist fund management group Syndicate Asset Management, for around £1.2m. LA Invest has around £70m under management. It is understood that the costs of adhering to Financial Services Authority regulations were not compatible with a fund of this size.
LA Invest accounted for just £600,000 of the firm's £16m turnover.