King & Wood Mallesons (KWM) EUME senior partner Stephen Kon will step down from his post later this year.
He exits the management role after almost five years having overseen a dramatic period of change at the firm, including its Sino-Anglo merger with King & Wood Mallesons in 2013.
He will return to fee-earning at KWM when the firm elects a new senior partner for the region, expected to be before the end of October.
The firm is also running parallel elections for a new managing partner of the region to replace William Boss who stepped down earlier this year.
Global managing partner Stuart Fuller said: “Stephen has been an exceptional senior partner, a leader who has guided the firm through a period of transformational change including SJ Berwin’s historic merger with King & Wood Mallesons in 2013.
“He returns to his thriving practice to work with colleagues and clients to build on his already significant 34 years of service to the firm, and does so with our sincere thanks and best wishes.”
Kon added: “It has been a great privilege to serve as EUME senior partner since 2012 but, with the election of a new managing partner now imminent, the time has come to pass the baton of leadership to a new generation of partners.
“I strongly believe it is in the best interests of the firm to put in place a new leadership team at this time, to drive the business forward and to draw the full benefits of the recent changes we have made to strengthen the firm in EUME. I remain fully committed to the firm.”
KWM has announced that the next two months will be dominated by leadership elections at the firm’s UK, Europe and Middle East offices. The election process to fill both Kon and Boss’s roles will officially kick off on 12 September, with nominations closing on 4 October. The firm expects to have its new management team in place by the end of October.
KWM has had a turbulent 18 months following a number of big-hitter exits, a major redundancy consultation and a series of deliberate cuts to its EUME equity.
Most recently the firm asked EUME partners to pay in £14m in a capital call in order to strengthen its business in the region.
The capital call followed a number of delays to partner distributions over the last two years and news KWM was reviewing its contributions structure.
KWM is also now understood to be in the market for a US merger, looking for a tie-up with a firm that has a broad base in the country. The firm is hoping to sign a deal before the end of 2017.
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