Stephenson Harwood & Lo has appointed a new managing partner for Greater China, with current post-holder John Gale set to retire.

The firm has named Asia business and technology head Voon Keat Lai as its new Greater China head, with Lai to take the helm at the beginning of July.

Hong Kong-based Lai, who joined the firm in 1991 and became a local partner 10 years later, advises on corporate and commercial matters with an emphasis on international corporate finance, commercial contracts and technology.

In addition to heading the business and technology practice, he also founded the firm's international corporate finance practice in 2005, which focuses on helping Asian businesses list internationally.

Lai's appointment comes as corporate and commercial partner Gale, who has managed the practice for seven years, prepares to retire next year.

Lai told Legal Week: "There will be a lot of challenges but we are very hopeful for the future. Partner profits were fairly good this year and we are very well poised to take advantage of a variety of opportunities. We would like to grow in China and attract good laterals."

Stephenson Harwood & Lo's Greater China practice includes offices in Hong Kong, Guangzhou and Shanghai, with the firm having around 40 lawyers across the Asia-Pacific region.

Stephenson Harwood's global practice reported relatively static financial results for the 2008-09 financial year, posting flat turnover of £85.1m and a 1.6% dip in profits per equity partner, from £620,000 to £610,000.

The results look likely to make the firm one of the leading performers this year in the UK top 50.