Travers Smith's former senior partner Alasdair Douglas has been named as the next chairman of the City of London Law Society (CLLS).

Douglas (pictured) will replace David McIntosh, who is retiring after seven years in the role, as of Monday (13 June). The role is not for a set term but is held on an ongoing basis.

The CLLS highlighted the implementation of the Legal Services Act in October as one of the key challenges for the new chairman, who will have to steer the body through a period of major change as the legal market opens up to outside investors.

The CLLS also highlighted the challenge of keeping English law's position at the forefront of the international market.

Douglas commented: "Few City firms will float or take in outside capital to begin with, but over time this will change. We'll also see unexpected new entrants backed by outside capital. How long before significant change happens is anyone's guess. The challenge will be to ensure that the brand – English solicitors – continues to be valued here and abroad and is not devalued as ownership is spread more widely."

He added: "More than 50% of cross-border deals around Europe are now done using English law and my sense is that the same is true in Asia. Common law gives flexibility and certainty and we compete with New York to be the market standard for international business deals. I am keen that we are the number one choice of law in the international market."

The news followed the CLLS's first appointment of a chief executive last month, when David Hobart took on the role after seven years as chief executive of the Bar.

Douglas was Travers' senior partner until he retired from the firm in July last year and was replaced by Chris Carroll.