He replaces Tom Benz, who will remain in London and return to a fee-earning role. Charles Engros has similarly succeeded Gerald Freedman in the firm's New York office.
The changes come as part of a regular management rotation and have been billed as part of a conscious move towards stronger integration between the US and overseas elements of the firm.
“One of my top priorities will be to highlight the New York office's international capabilities and services”
Charles Engros, Morgan Lewis
Wallace said: “My role is really to continue what the firm started a year ago by sending me here – that is, having someone thinking full-time about what we do in Europe.” Wallace is also regional coordinating partner for Europe.
In addition to the London office, Morgan Lewis has bases in Brussels and Frankfurt. When asked whether the firm's commitment to Europe would entail additional offices, Wallace said: “At the moment we think we have a good geographic footprint.” The eight-partner London office serves clients including Cadbury Schweppes, My Travel and Severn Trent.
Engros said: “One of my top priorities will be to highlight the New York office's international capabilities and services, and to expand its level of recognition at home and abroad.”