Freshfields Bruckhaus Deringer financial institutions head Will Lawes has been named as its new senior partner as the firm unveils a new leadership team.

Lawes won the role after a contested partnership vote against chief executive Ted Burke and will take up the post from 1 January 2011.

The chief executive role held by Burke has been phased out with Burke taking over the managing partner role, which is set to be vacated by Peter Jeffcote. Jeffcote will become general counsel with overall responsibility for risk management and regulatory compliance.

The shake-up recasts the chief executive role held by Burke with the managing partner now becoming the firm's most senior operational manager. The well-regarded Burke will continue to focus on the firm's strategic priorities and have overall responsibility for the operational management as he did as chief executive. Burke is also expected to take on an expanded client management role, especially in the US.

Meanwhile, Cologne-based global tax head Stephan Eilers will take on the newly-created position of executive partner to provide support to the managing partner. Eilers will be focusing on finance, budgeting and firm infrastructure, which previously were handled by the chief executive. He will also maintain some client work.

Under Freshfields' governance structure, the incoming senior partner appoints the new management team.

Earlier this year the firm decided to phase out its legacy dual senior partner model – which it inherited following its 2000 merger with German leader Bruckhaus Westrick Heller Loeber – in favour of a single position. Current co-senior partners Guy Morton and Konstantin Mettenheimer are to step down later this year (31 December).

Mettenheimer and Morton will remain with the firm, with the former resuming his tax practice and Morton returning to the firm's financial services practice.

Lawes commented: "I am not only delighted but immensely privileged to be taking on the senior partner role. With Ted and Stephan, we have a team that is very international in its outlook and has a broad mix of skills. On top of our management responsibilities, we will all spend a substantial amount of time maintaining close contact with our clients around the world to ensure we are the firm they turn to when it matters most."

Burke added: "I am looking forward to continuing to be part of our leadership team as we deal with a new set of challenges and opportunities."

In June the firm confirmed its final shortlist of candidates for the senior partner role after initial nominations from the partnership. The initial line-up included competition partner Deirdre Trapp and former global corporate head Andreas Fabritius. However, Burke and Lawes were the only two to confirm their intention to stand for election.