A trio of Linklaters partners are competing to succeed Robert Elliott as global head of banking as the firm gears up to appoint a new practice chief later this month.

Current global banking chief Robert Elliott's tenure is set to come to an end in October, when he will take over as the firm's new senior partner from David Cheyne. Managing partner Simon Davies and the firm's executive committee have now kicked off the process to appoint Elliott's successor.

The partners contesting the role are London-based co-head of leveraged finance Gideon Moore, banking partner Tom Wells and Hong Kong-based co-head of banking and projects Trevor Clark. Amsterdam banking chief Martijn Koopal had also put himself forward for the role, but has since withdrawn his candidacy.

"The appointment is of significant importance to the firm because of the strength of its global banking practice," said one City-based banking partner. "The new head of banking will be charged with a remit to improve links between the firm's banking and corporate practices, especially with the private equity arm."

Linklaters' banking practice has won several important mandates in recent months, including Credit Suisse's $8bn (£5bn) 'coco' bond and House of Fraser's £250m high-yield bond issue. The firm was also last week reappointed to Barclays Bank's general advisory panel.

The news comes a month after the departure of highly-rated banking partner Stephen Lucas to Weil Gotshal & Manges, a move which was widely perceived as a blow to the magic circle firm's City banking practice.

Elliott was elected as senior partner this May, settling the City giant's long-running contest for the role. The post, which Elliott will take for a five-year term, was also contested by litigation head John Turnbull and European managing partner Jean-Pierre Blumberg.