Herbert Smith has moved a step closer to selecting a successor for senior partner David Gold, with three candidates set to battle it out for the position.

Dispute resolution partner Tim Parkes and competition specialist Jonathan Scott – both of whom have been linked with the role for some time – have been confirmed as candidates, with Moscow managing partner Allen Hanen (pictured) also entering the race. Hanen is a US-qualified corporate partner.

The top 10 City firm informed staff today (13 November) after nominations closed several days ago. The decision will now go to a vote of the partnership next month, with the outcome set to be announced shortly before Christmas.

As previously reported by Legal Week, Gold, who has held the senior partner post since 2005, told the firm last month that he did not intend to run for a second term in office. Had the 58-year-old Gold decided to stand for another term, the firm would have had to change its constitution, which currently states that partners should retire at 60.

Gold's five-year stint in the role will now formally close at the end of April, with the successful candidate expected to work closely with Gold until that point. At the time of announcing that he would not stand again, Gold had yet to make a decision about whether or not he planned to remain with the firm in some other capacity.

Herbert Smith is also set to select new leaders for its corporate, dispute resolution and finance divisions in the New Year.