Longstanding Watson Farley & Williams managing partner Michael Greville is stepping down from his role as the firm prepares to usher in a new joint management team.

Greville (pictured) has led Watson Farley since July 2001 after taking over from former managing partner, David Warder, before which he led the UK top 40 firm's litigation group for five years.

He will step down from the managing partner post in mid-January next year to return to a fee-earning role, focusing on the shipping, oil and gas and energy sectors.

Watson Farley declined to reveal the length of term for a managing partner at the firm or how often it holds elections.

At the end of the 2012-13 the firm's profit per equity partner dipped by 13% to £388,000, despite turnover increasing 2.3% to reach £102.1m. Its first half revenues for 2013-14 also increased – by 12% to £52m – which Greville described this week as "extremely encouraging".

In a statement, the firm said an election is underway, with global maritime head Chris Lowe and Germany head Lothar Wegener standing as candidates to replace Greville as joint managing partners. The dual appointment is expected to be approved in the next few weeks.

Greville said: "We have come through the worst of the economic times in good shape. The firm is well set to have a good year and this is an appropriate time for me to hand over the reins and move on to the
next stage of my career."

Watson Farley chairman Frank Dunne added: "We look forward to welcoming a new team to lead the business and develop its distinctive strategy and character."

In October the firm said it was considering opening in Dubai, in what would be its first venture into the Middle East. It was thought that a Dubai launch could come in the next 12 months after the firm began taking advice on legal and regulatory matters related to entering the market.

The firm has been in expansion mode recently, opening in Frankfurt in January with the hire of a regulatory team led by partner Ivana Mikesic from Dentons legacy firm Salans. In the same month it also expanded its Hong Kong offering, launching a litigation practice there.

Watson Farley is home to 415 lawyers and more than 700 staff and has a particular focus on finance, maritime, energy, natural resources, transport and real estate.