Charles Russell managing partner James Holder is set to step down from his post as part of a management overhaul that will see the firm have no managing partner from 1 May this year.

The firm confirmed in a statement today (25 March) that Holder had agreed to step down as managing partner, and instead take up a strategic business generation role within the firm, rather than returning to full-time fee-earning.

The move comes after a review of the firm's management structure, with the current board – chaired by private client partner Bart Peerless – recommending the creation of a new board and the appointment of a chief operating officer (COO).

The firm's existing board is made up of six partners including Peerless, who is not intending to run for the new board.

As a result of the changes – which look set to see up to six elected fee-earning partners chosen for the board, including a chair – Charles Russell will no longer have a managing partner, although Patrick Russell will continue as senior partner.

In a statement, the firm said; "We are all indebted to the hard work James has put into managing the firm's business over the past four years and are delighted he will continue to work for the firm. Charles Russell is confident that the new arrangement will provide a good platform for growth and development."

The new COO is yet to be appointed and it is unclear whether it will be an internal or external appointment.

Elections are understood to be underway for the new board, with a final line-up set to be appointed in May this year.

Charles Russell announced in November last year that it was set to overhaul its partnership and restructure around industry sectors as part of a comprehensive review that also sees the firm setting its sights on a UK merger. The firm drew up a new three-year plan to take it through to 2013, with a UK merger or the addition of bolt-on teams.

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