Baker & McKenzie has hired Allen & Overy's (A&O's) former finance director Ian Dinwiddie as its global chief financial officer (CFO).

Dinwiddie, who succeeds Robert Spencer in the role at Bakers, will take up the post in the New Year when he will become responsible for developing and driving the firm's strategic financial initiatives.

As CFO, Dinwiddie will split his time between the international firm's two main offices – London and Chicago.

Dinwiddie's move to Bakers comes after he left A&O in August 2010 to join Thomson Reuters-owned consultancy Hildebrandt Baker Robbins as president. He spent 20 years with the magic circle firm as finance director.

Spencer, who is set to retire, has held senior roles within Bakers since 1993, including a two year stint as chief operating officer. Leading the firm's global finance team for nearly two decades, during his tenure Bakers' has more than quadrupled its global fee income and profits and increased its presence in emerging markets, Europe and the Middle East. Office openings over the period include mainland China, Malaysia, Vietnam, Chile, Bahrain, Qatar and, most recently, Turkey.

Executive committee chairman Eduardo Leite commented: "Ian's global experience and exceptional track record make him an ideal fit as we accelerate our efforts to grow, better leverage our distinctive global platform and become an even more client-driven global law firm.

Commenting on Spencer's tenure, he added: "Bob Spencer has been a critical influence in every strategic decision we have made as a firm for the past 18 years. We are fortunate to have worked with Bob and thank him for his outstanding leadership, insight and resolve in advancing the firm. Bob leaves big shoes to fill, but we are very confident that Ian's deep knowledge and broad experience will enable us to build on Bob's many contributions.