UK law firm TLT has elected its first new managing partner in 19 years, with corporate head John Wood winning support from the firm's partnership.
John will replace the firm's long-standing managing partner David Pester who has decided to step down at the end of his sixth term in office. John will take over from 1 April 2020 after a six month period of transition. David will remain at the firm in a new role that supports the firm's continued growth.
John has been head of corporate since 2003, doubling corporate revenues and expanding its capability across the UK over the last four years. As a member of the firm's Executive Board, John has also worked closely with David and the firm's practice and operations directors to drive improvements in firm wide profitability; since 2017 this has delivered a 41% increase in net profit.
David was first elected as the firm's managing partner in 2001 and is one of the longest serving managing partners in the UK legal market. During his tenure, revenues have grown from £8m to £87.6m, the firm has expanded to add six new offices and increased in size to over 1000 people.
Managing Partner Elect John Wood said: "I'm looking forward to building on David's success and delivering TLT's ambitious plans for the future. We are an entrepreneurial business with a real appetite to think differently in terms of what and how we deliver for our clients. With the challenges facing the sector - our independence, culture and approach put us in an enviable position to rapidly drive change in how legal services are delivered."
Managing Partner David Pester said: "The firm has changed significantly during my time as managing partner in terms of size and depth of sector expertise. But, it remains at its core a group of people who are ambitious for their clients and colleagues. I look forward to supporting John as he takes the firm forward through its next phase of development."
Senior Partner Andrew Glynn, who oversaw the election process said: "This is an important change for the firm. A strong governance structure, a considered and robust election process across the partnership and a carefully managed transition period will ensure we remain focused on the future and delivering for our clients."
The firm has continued to grow across the UK over the last 12 months with a number of team and individual partner hires. This has included the acquisition of a specialist real estate firm in Scotland and around 20 new partner hires across its UK offices. This is part of the firm's current strategy to build expertise and scale in its specialists sectors, which include Clean Energy; Digital; Financial Services; Leisure, Food & Drink; Public Sector; Real Estate; and Retail & Consumer Goods. Firm revenues were £87.6M in 2018/19, representing over 50% growth in the last five years.