Watson Farley Williams’ Michael Greville has resigned from his role as managing partner after 12 years.
Greville will step down in mid-January and return to a fee-earning position focusing on the shipping, oil and gas, and energy sectors.
Partners were alerted of his decision before the firm’s recent partner conference. An election for Greville’s replacement is currently underway, with Chris Lowe and Lothar Wegener running jointly for the managing partner role. The dual appointment is expected to be approved in the next few weeks.
Lowe, who is based in London, is the firm’s current global maritime practice head and former Singapore office chief. Meanwhile, Wegener is head of WFW’s German offices and is based in Hamburg.
Earlier this week, the firm announced a double-digit uptick in revenue for the first six months of the 2013/14 financial year, recording revenues of £52m (26 November 2013).
Greville commented in a statement: “WFW is an excellent firm with a clear strategic focus and established market positions. We have come through the worst of the economic times in good shape. The firm is well set to have a good year and this is an appropriate time for me to hand over the reins and move on to the next stage of my career.”
In 2012/13 WFW’s turnover rose by 2 per cent from £99.9m to £102m. However, its average profit per equity partner (PEP) tumbled 13 per cent, from £458,000 to £446,000 (16 June 2013).
Partners at the top of the equity scale saw their remuneration fall by 35 per cent – from £1.5m to £980,000. Meanwhile, those at the bottom of equity dropped 13 per cent, from £220,000 to £190,000. The news was reported on Roll on Friday yesterday.