Clifford Chance managing partner David Childs (pictured) is considering his options for the future as he prepares to hand over to his successor, with retirement from the firm among the likely routes.

Partners expect Childs, whose second and final four-year term ends in May 2014, to take up a role outside the firm after he steps down, with one saying Childs is "definitely" retiring, and another partner at the magic circle firm adding: "As far as I know there are no plans to bring him back into practice, which is a shame." Another source close to him said he was currently "looking for a job".

However, a spokesperson for the firm said that although retirement from the firm was one of the options Childs was considering, he had yet to make a decision about his next steps.

The news comes as CC gears up to vote in a new managing partner, with partners last week receiving an email asking them to put forward nominations for Childs' replacement within the next month. 

The first round of voting is expected to begin shortly after this point, with a view to announcing a successor by the end of the year.

One partner commented: "I think it'll be an interesting process. The world has changed since David took up his two terms. Whoever puts themselves forward needs to set out a clear view of where we are and where we're headed."

Partners at the firm have long touted Paris chief Yves Wehrli as a likely candidate, while global head of corporate Matthew Layton has also been suggested as a potential contender. 

Childs' successor will head up the firm alongside CC senior partner Malcolm Sweeting, who took up a four-year term in January 2011 after a contested vote.