Scots firm Tods Murray has elected Graham Burnside as its new chairman, succeeding current incumbent Ian McPake.

Banking and finance head Burnside will take up his new role on 1 October following a contested election involving one other candidate.

He succeeds McPake, who will retire from the partnership on 30 September after 20 years as a partner, including the last four as chairman.

McPake will remain at the firm in a consultant capacity.

Burnside, who will take on a strategic ambassadorial role, will continue to run Tods Murray's banking and finance practice in the short term, although a replacement is likely to be appointed in the coming months.

In June this year Burnside successfully led a team appointed to the newly-created Santander legal panel for Scotland. In addition he has played a leading role in the development of Islamic finance in Scotland and is a member of the UK Islamic Finance Council.

Tods Murray executive partner David Dunsire said: "I would like to thank Ian for his contribution as chairman over what has been a challenging period for all businesses, and to congratulate Graham on his appointment. I look forward to working with Graham in his new role.

He added: "Graham's reputation in the banking and finance field and his stewardship of our banking and finance team has led to a very positive expansion of that area of business."