While it is common to overplay the significance of individuals within businesses, there is no doubt that the end of David Cheyne's term as senior partner at Linklaters will mark the end of an era for one of the City's proudest brands. That is less because Cheyne personally embodied Linklaters – like Nigel Boardman at Slaughter and May, he remained too individualistic and self-contained for that – but he obviously represented the spiritual heartland of the firm: its City corporate practice.

Given the huge changes the firm has seen over the last 15 years, and considering the three candidates it is currently considering to replace him, the new senior partner will, to a certain extent, represent the new face of Linklaters, particularly in terms of the huge expansion in its banking practice and international network. A new senior partner also seems likely to signify a shift to a more contemporary or informal style – less so in age, but certainly in personal approach.

Such change certainly comes at an interesting moment for the firm. After an aggressive period of international expansion, Linklaters emerged as the pace-setting City firm for the noughties in the same way that Clifford Chance's ambitious spirit set the tone in the 1990s.

But since the banking crisis, the firm has had to contend with tougher markets and tougher competition, including a reinvigorated arch-rival in Freshfields Bruckhaus Deringer. With the firm suffering a pronounced culture shock in the wake of its 2009 restructuring, there has also been a question over the extent that Linklaters has been comfortable in its skin, even if the partnership and global platform were as imposing as ever.

The innovations of the Angel/Cann years certainly served Linklaters well – but many would contend the firm's sophisticated use of metrics and focus on formal client relationship programmes has been taken as far as it could. Management remains well regarded by the partnership – but critics would ask how much of a two-way dialogue there is.

And there seems to be some agreement that the firm needs to evolve. Whichever of the three candidates win, there will be a stronger emphasis on the pastoral role of the senior partner. By the same token, there is talk of a less 'corporate' feel to the firm. This suggests a renewed emphasis on giving partners space to build business and its leadership team being confident enough to loosen the grip on the steering wheel. That would be healthy – no matter how strong the partnership, a firm that renews itself must foster an entrepreneurial culture in which partners are encouraged to develop business.

In a broader sense, it is time for the firm to flesh out its vision of a more modern business to reflect its much-changed substance. With talk of renewed energy in the wake of its partnership conference this month in Paris, Linklaters has an opportunity regain its formidable best – if it takes it.