Hogan Lovells global co-head of litigation Steve Immelt is set to take over as sole CEO of the firm as current co-CEOs Warren Gorrell and David Harris prepare to stand down.

Partners are currently voting to ratify the appointment of Immelt, who has been put forward by the firm's management board, with the appointment due to take effect from 1 July 2014.

If the vote is passed, Immelt will be supported by London finance partner David Hudd as deputy CEO. Their terms of office are four years.

The pair will lead the firm alongside chair Nicholas Cheffings.

Immelt is currently a member of the firm's international management committee and global co-head of its litigation, arbitration and employment practice alongside London partner Michael Davison.

Hudd currently heads the global finance practice and helped develop the firm's leading structured finance practice.

From the summer, Gorrell is set to return to client work, while Harris will retire from the firm. The pair was appointed as co-CEOs following the merger of legacy firms Hogan Hartson and Lovells. At the time Harris was halfway through his second term as managing partner of the firm and although he agreed to take on the co-CEO role, indicated at the time that he did not want to serve another term.

Gorrell meanwhile was previously chairman of legacy Hogan from 2001 until the merger in 2010.

Harris commented: "It was entirely natural for the firm to now adopt a single CEO structure and shows how integrated we have become. The board carried out a consultation exercise on the structure and potential candidates for the new management and it was clear that this was just a logical progression."

Immelt said: "The firm is in a very strong position, our best ever. If elected, it will be a privilege to succeed David and Warren. We are recognized as one of the world's leading law firms with unique strengths in many practices and industry sectors, a focus on understanding our clients' business needs; and providing creative insight and practical solutions across our geographic reach. We have delivered a strong track record of winning client work across many of our markets under tough conditions."

Hogan Lovells had revenues of US$1.6bn/£1.03bn in financial year 2012 and has approximately 800 partners and 1,700 other qualified lawyers operating in 25 countries. Across the regions, the Americas represent approximately 45% of total billings, London and Continental Europe 48%, and Asia and Middle East 7%.

The firm has expanded its presence in a number of emerging and major markets, including Brazil, Indonesia, Mongolia, Luxembourg and most recently merged with South Africa's Routledge Modise.