Goodwin Procter will have a new chairman later this year.

On Wednesday, the firm announced that Robert Insolia, its longtime managing partner, will be replacing David Hashmall as chairman at the end of Hashmall's term on Oct. 1. The firm also announced that Mark Bettencourt, former chair of the firm's business law department, will replace Insolia as managing partner.

Joanne Gray, executive committee member and chair of Goodwin's specialty litigation group and its products litigation and counseling practice, will also take over as chair of the litigation department.

“To be candid, it's with mixed emotions. I have really enjoyed my term and tenure as chair,” Hashmall said of stepping down.

Hashmall took over as Goodwin's chair in 2014, replacing Regina Pisa, the first woman to ever lead an Am Law 100 firm. At 68, he is nearing the firm's mandatory retirement age and felt it was important to transition leadership of the firm to a younger generation, he said.

After stepping down in late September, Hashmall will return to his litigation practice and plans on promoting diversity and inclusion efforts within the legal industry, a key pillar of his tenure as chair.

Over Hashmall's five-year tenure as firm chair, Goodwin experienced an enormous amount of growth financially and geographically.

“It was a great combination of both growth and continued financial success while maintaining the culture of the firm—I'd say that's one of the things I'm most proud of,” Hashmall said.  “It was a team effort.”

Goodwin's gross revenue grew from $785.5 million in 2015 to nearly $1.2 billion in 2018. Its profits per equity partner also jumped from $1.74 million to $2.46 million last year. The firm boosted its head count by nearly 200 attorneys, including nearly 90 lateral hires.

Goodwin has opened offices in Frankfurt, Paris and, most recently, Santa Monica, California. It moved offices in London and doubled the size of its head count in the city. It also opened up a new office in the Seaport District of its hometown of Boston and rebranded as, simply, Goodwin.

In his new role as firm chair, Insolia said he wants to continue leading the firm down the path it's on.

“We want to be culturally vibrant and financially successful, and being successful financially will follow from being successful strategically,” Insolia said. “It doesn't work the other way around.”

Insolia, 61, first joined Goodwin in 1997 from O'Melveny & Myers as a founding partner of the firm's New York office, which he led until 2004. He also led the business law department at Goodwin in New York and previously co-chaired the firm's real estate private investment funds practice.

In 2012, he became managing partner of the firm, overseeing the day-to-day operations and managing the firm's practices. As chair, Insolia will continue to be involved in the strategic planning of the firm, but he'll be more externally focused, working with clients and on external communications.

He also plans to continue the firm's commitment to promoting diversity and inclusion efforts, within the firm and throughout the legal industry.

“There's a point at which … you can no longer feel good about simply incremental changes; you want to see more dramatic changes,” Insolia said. “We've been making the investments that we need to do to position ourselves for that. We really got to see that come to fruition.”