Watson Farley & Williams has overhauled its management structure and appointed a London head for the first time in the firm's history.

Former head of international finance Michael Vernell has been appointed to the role as of 1 February 2011. There is no term length for the position.

The firm has also appointed a number of its overseas office heads to its management committee, which meets four times a year. There are a total of 12 members on the committee.

Vernell was head of the international finance practice between 1999 and 2008. He specialises in shipping finance and advises many of the major shipping banks.

He said: "Outside of London we have office heads firmwide and until now the managing partner has performed that role in the City. However, following a recent review, we decided that it would make sense to separate these roles to best support the management of the firm.

"We have also joined a number of our overseas office chiefs to the management committee."

The changes have been made following a partners meeting in the last quarter of 2010 where it was decided that a role to support the managing partner should be created.

The firm is also set to appoint an oversight board for the firm, with elections due to open shortly.

The news comes after details of the firm's 2009-10 accounts revealed that the highest-paid member took home £1.26m during the last financial year, marginally more than the equivalent figure of £1.23m in 2008-09.