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New York-based Paul Weiss Rifkind Wharton & Garrison today (9 May) unveiled its new chairman and successor to longstanding incumbent, Alfred Youngwood.
Litigation department co-chair Brad Karp will take over from Youngwood, Paul Weiss chairman since 1999, on 1 January next year.
The election of Karp, 48, is significant as it heralds the arrival of new blood at the most senior level of management at the New York firm.
Youngwood said in a statement he was "honoured" to have served as chair of Paul Weiss and was delighted to pass the torch to Karp.
"Brad is a lawyer of immense talent, whose advice is sought by many of the world's largest and most important institutions," Youngwood added. "[He] has played and will continue to play a vital role in the growth and success of our firm."
Karp began his career with Paul Weiss in 1985 and is a member of its management committee.