Clyde & Co's longstanding senior partner Michael Payton is set to step down after nearly 30 years at the helm, with the firm opening the election process to find his successor. 

Clydes officially kicked off the election process today (30 November) with partners given until early in the New Year to put themselves forward. 

Payton (pictured) will not stand again and will instead take up a newly created position as chairman when his term comes to an end on 1 November 2013.

The vote to elect Clydes' new senior partner has been scheduled for 28 February 2013, with board members James Burns and Ben Knowles among those expected to stand.

The successful candidate will then serve as senior partner-elect until formally taking up the role next November.

Payton is currently entering the final year of his sixth term. He first took up the senior partner position in 1984 when Clydes had 16 partners and a turnover of £6m. The firm, which merged with legacy Barlow Lyde & Gilbert in November 2011, now has nearly  300 partners and revenues of almost £287m. 

A firm spokesperson said: "The decision to deal with this early reflects the firm's intent to deal with the transition decisively but with adequate time for a measured transition."

Separately, board elections this month have seen legacy Barlows senior partner Simon Konsta and employment partner Rob Hill elected to the firm's board for the first time. Global head of international projects and construction John Morris has been re-elected, while shipping partner David Bennet has stepped down. 

The board now comprises Burns, Hill, Knowles, Konsta and Morris, alongside representative heads from each region with Michael Parker for Asia-Pacific, Mike Knoerzer in the US and Jonathan Silver in the Middle East.

Clydes under Payton

1984 – 16 partners, £6m turnover
2012 – 285 partners, £287m turnover