Addleshaw Goddard has kicked off its managing partner election process after current post-holder – Paul Devitt – announced his intention to stand down a year early.

His decision not to stand for re-election – communicated to partners via an internal email on Friday (14 March) -comes as the firm has separately confirmed that it has reviewed how partner pay is calculated, following an error working out the number of points available to partners.

Devitt's decision not to stand again has brought forward an election process originally timetabled to begin in September, with the firm stating that his move will avoid "a drawn out hustings" and allow Devitt's successor to participate in the launch of the firm's next five year strategy in May 2014.

Invitations for nominations are set to be sent out to the partnership later this week, with the successful candidate taking up his role on 1 May.

"[Paul] has made an outstanding contribution to our firm and been enormously influential in helping us to build the strong and growing business we enjoy today," the firm said in a statement.

"We understand and respect Paul's decision not to stand for re-election and look forward to the continued and valuable contribution he will make to our business as a partner in the corporate division."

In 2012, Devitt (pictured) was re-elected for a second three-year term after an uncontested vote.

He was previously the firm's head of corporate, before taking up the managing partner position in 2009.

The news of his decision came as also admitted errors relating to the number of profit points available to partners. 

The miscalculation – which Addleshaws said did not affect the overall profitability of the business – led to the firm thinking there were just 9,300 points in circulation, rather than the 9,832 that had actually been handed out.

Because of the error, the profits available to each equity partner are likely to be around 5% less than originally forecast.

"The miscalculation of total number of points awarded does not in any way affect the overall profitability or financial stability of our business which remains healthy and financially stable and sound," said a spokesperson.

Addleshaws declined to comment on whether the miscalculation was related to a reshuffle in the firm's senior financial management, after chief financial officer Martin Gaskin departed in December.

The firm also said it had miscalculated the cost of launching its Hong Kong office, with £1m of costs not carried over in internal forecast reporting to the board until the half-year point, meaning that the firm's projected profits were smaller than those circulated to partners.