Katya Jestin and Randy Mehrberg of Jenner & Block. (Courtesy photos)

Jenner & Block is making its second major leadership change in under a year, announcing that a pair of practice leaders will take over in January from managing partner Terrence Truax, who has held the position on his own since 2014.

The promotion of Katya Jestin, 50, and Randy Mehrberg, 63, to co-managing partners comes nine months after Craig Martin was named chairman of the firm—the youngest in Jenner's 105-year history. Martin took over after then-73-year-old Anton "Tony" Valukas stepped down from the chairman position in April 2017.

Martin, who is now 56, said there is a generational shift underway in Jenner's leadership. "Many of our roles have been moved to the next generation of lawyers, a more diverse group of lawyers," he said.

Jestin, a New York partner, and Mehrberg, based in Chicago, are taking over from Truax following a period of uneven head count growth and declining revenues. Revenue slipped for the third straight year in 2018, to $441 million, and head count dropped from 508 lawyers in 2017 to 467 lawyers last year.

The firm has increased its head count by over 60 lawyers during Truax's five-year tenure, however, and last year revenue per lawyer rose 6.9% to $945,000, while profits per equity partner increased by 6.3% to $1.5 million.

Asked about the switch from a single managing partner to a shared role, Mehrberg pointed to the firm's geographic expansion since Truax began his term—particularly Jenner's move to London in 2015.

"It's really the geographic diversity," Mehrberg said.

Having two people responsible for the management and operations will serve the firm well, Mehrberg said. He'll be able to bounce ideas and problems off of Jestin, and both of them will be able to keep leading their respective practice groups.

A former federal prosecutor, Jestin is a co-chair of Jenner's investigations, compliance and defense practice. Mehrberg, a former general counsel of Exelon Corp., is a co-chair of the firm's energy practice.

"It gives us the ability to continue to practice and help our areas thrive while at the same time working to move the firm forward as a whole," Mehrberg said.

Mehrberg said he and Jestin have spent a lot of time planning a transition with Truax.

"It's great to have a thought partner. It's great to work together," the Chicago-based partner added. "It's nice to have someone who is special and talented to partner with."

Truax will return to full-time practice in 2020.

Martin, Mehrberg and Truax emphasized their and Jestin's commitment to the firm's values of professional excellence, pro bono work and civic engagement, and diversity and inclusion.

"The alignment around the values is very, very strong. Terry deserves a lot of credit for that. I have worked at three large corporations and two governments … it's rare to see this kind of alignment," Mehrberg said. "For Katya and me, the foundation Terry and Craig have created is a very good place to work from."

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