Swedish law firm Magnusson has appointed a new managing partner in its Stockholm office, with corporate partner Carl Oestring set to take on the role.

Oestring will succeed the firm's founding partner, Per Magnusson, who has stepped down from the post in a bid to encourage new managers to come through. Magnusson will remain the firm's senior partner and chairman of the management board.

Prior to the appointment, which does not have a set term, Oestring had been concentrating on developing the firm's presence in Russia and Belarus.

Oestring's practice focuses on corporate, commercial and contract law as well as covering insolvency and restructuring matters, with his client base consisting primarily of international companies in Russia and Sweden.

Commenting on the management shuffle, Magnusson said: "We believe in making way for new ideas and young talent. Carl has shown great drive during his years with the firm and it was time for him to take over this position."

Separately, Magnusson is set to continue its focus on broadening its cover of the Baltic Sea region. The firm launched offices in Gothenburg and Belarus last year, adding to its existing bases in Copenhagen, Moscow, Stockholm, Warsaw and Wroclaw in Poland.