Nabarro has elected corporate partner Graham Stedman as its new senior partner, succeeding Simon Johnston from 3 January next year.

Stedman (pictured), who is also head of the firm's entrepreneurs group, saw off competition from real estate chief Ciaran Carvalho to take the role.

Stedman has been at the firm since 2005 when he joined from Salans' City corporate team. His key clients include bookmaker Sportingbet, for which he has handled a number of key corporate deals including its potential £530m takeover by gambling rival William Hill.

Johnston, who is stepping down after 12 years in the leadership role, will now work with Stedman during a handover period.

Johnston said: "I would like to congratulate Graham on his election and look forward to working with him over the next few months to ensure a smooth transition.

"I know he will bring a fresh perspective and has the support of partners across the firm to take Nabarro forward and build on the platform for growth we have achieved over the last 18 months."

Partners have been able to nominate themselves since last month. The partnership board – which Johnston helms – oversaw the election, with the process led by managing partner Andrew Inkester and secretary to the board David Sargison.

Stedman said: "It is a privilege to receive the support of my fellow partners and I look forward to repaying their trust by consulting and collaborating with them over the coming months so that together we can drive the business forward and grow profitability.

"I would like to thank Ciaran Carvalho for conducting his own open and constructive campaign during the election process and for now throwing his support behind me."

Johnston was re-elected for a third five-year term in February 2011, having initially become senior partner in 2001 aged 39, when he was the youngest-ever partner to head the firm.

It is understood that hed had always considered a partial third term, following the end of a partnership restructuring that saw 17 partners cut from the equity in the last financial year, and the fact that the firm's City office move to 125 London Wall is now well underway.