CMS Cameron McKenna's senior partner vote has reached the final stage, with ex-managing partner Dick Tyler and consumer products head Louise Wallace set to contest the role in a third round of voting.

The second round closed yesterday (24 March), with banking and project finance partner Andrew Ivison dropping out.

The election has gone to a third round because the firm's partnership deed states that one candidate requires more than 50% of votes to win.

The last round will close tomorrow (25 March), with the winner of that vote succeeding incumbent Richard Price from 1 May for a four-year term.

The vote began last week with four candidates, with energy partner Robert Lane – who heads the firm's regulated industries team – eliminated from the process in the first round.

Former longstanding managing partner Tyler was pegged as an early favourite in the race but it is understood that Wallace, who sits on the firm's board, presented strong future visions for the firm in last week's hustings and also has solid support among partners. She also stood unsuccessfully against Duncan Weston in the 2007 managing partner elections.

Price has been Camerons' senior partner since 2002, when he replaced Bill Shelford. The firm's board extended his term by one year last year to allow him to see through strategic objectives at the firm.