Linklaters has elected global banking chief Robert Elliott as its new senior partner, settling the City giant's long-running contest for its top role.

The move sees Elliott take the post from incumbent senior partner David Cheyne for a five-year term, after a partnership election saw the global banking chief beat rival candidates head of litigation John Turnbull and European managing partner Jean-Pierre Blumberg.

Elliott, who ran unsuccessfully against incumbent senior partner David Cheyne in 2006, stressed in his manifesto the importance of empowering individual partners to become more entrepreneurial and prioritise client relationships independently.

Elliott joined Linklaters in 1990 making partner in 1991. He was appointed global head of restructuring and insolvency in 1996, and took over as global head of banking in 2007.

Cheyne will step down from the role in September, but it is unclear whether he will be retiring – which former Linklaters senior partners have done in the past.

Cheyne said in a statement: "I warmly welcome Robert's election as Linklaters' next senior partner. As global head of banking, he has been heavily involved in the development and implementation of our strategy in recent years and is ideally placed to take the firm forward. I am grateful for all the support I have had in the firm over the years and I wish Robert and the firm every success in the future."

Elliott added: "It is an honour to have been elected as Linklaters' next senior partner and I look forward to building on the outstanding success of the firm under David's leadership. Our vision is to be the leading global law firm with a reputation for building the strongest and most enduring relationships with our clients, colleagues and our communities. I look forward to leading Linklaters closer to this goal over the coming years."

For more analysis, see A looser grip? – a new style beckons at Linklaters.