Top US law firm, Sullivan & Cromwell has named financial institutions specialist, H. Rodgin Cohen as its Chairman in waiting.
Currently the firm's Vice Chairman, Cohen succeeds Ricardo Mestres, who must retire under the firm's rules when he turns 67 next year.
Cohen says he anticipates “very little in the way of change of course” at the 500-lawyer firm which has ten offices in the US, Europe and Asia.
Controversially, Cohen only accepted the Chairmanship on condition that he only spends 25 per cent of his time on managerial matters. The remaining 75 per cent of his time will be spent on client matters.