Denton Wilde Sapte is set to name its new head of financial institutions next month, with former Theodore Goddard banking star Michael Black already cited as an early front-runner.

Black is favourite to replace Howard Morris when Morris officially takes over as chief executive on 7 February.

Black has strong links with the Royal Bank of Scotland, a key Dentons client. He only joined the firm in 2003 from the legacy firm Theodore Goddard, where he headed the firm's banking practice.

Other candidates for the key role include aircraft finance head Nick Chandler, project finance partner Matthew Jones, respected acquisition finance specialist Chris Fanner and head of corporate lending Ian Roberts.

The appointment will be viewed as a significant one for Dentons. Since the firm came into being with the merger in 2000 of Denton Hall and Wilde Sapte, it has increasingly shifted its focus to servicing the needs of institutional clients.

The new financial institutions head will work alongside Graham Paine, the current banking and finance chief .

In November, Morris won the race to succeed Virginia Glaston-bury at the helm of the top 20 firm. Dentons has endured a turbulent 12 months, suffering the triple whammy of falling profits, a spate of partner departures and the closure of its entire Asian network.

The latest departures include five insurance partners who have moved to the London arm of US firm Chad-bourne & Parke.