Latham & Watkins has elected London project finance partner Bill Voge to succeed Bob Dell as global chair and managing partner, the firm's first new leader in two decades.

Partners were informed of the result last night (14 July), after a run-off vote between Voge and Los Angeles partner and vice chair of the firm's US finance practice Jeff Greenberg.

As revealed by Legal Week yesterday, the original election on Saturday – between Voge, Greenberg and Washington DC partner Paul Sheridan – did not result in an outright majority for any one candidate.

Voge, whose term will begin on 1 January 2015, is one of the firm's most senior partners, having held a number of leadership positions including two terms on the executive committee. He also enjoyed a spell as global chair of the finance department and global co-chair of the project finance practice.

Though currently working in London, Voge has been based in several of the firm's US offices since joining the partnership in 1991. A dual-qualified lawyer, he also spearheaded the development of Latham's global strategy and office launches, particularly in the Middle East and London.

"Bill brings an impressive mix of experience and leadership qualities to the role: astute strategic vision; superb judgment; smart business instincts; and, above all, strong character," said Dell of his successor.

"He is clear-sighted and a consensus-builder who is highly attuned to our unique culture, client service and the external market forces driving change in the legal profession. Over the years, I have come to know Bill as a colleague and a friend and I am confident that he will lead the firm to continued success with his strength of character and courage of conviction."

Dell, who has led the firm since 1994, will retire from the firm at the end of the year.

Voge called Dell "one of the great law firm leaders of our times", citing his legacy within the profession as "immense".

"He has been a transformational leader and under his stewardship Latham has had spectacular success and unprecedented growth. Bob is that rare leader that combines incredible humility and integrity with a tough, competitive drive. He is known for his fairness, judgment and selfless leadership, and in whose footsteps I hope to follow."

In May, Legal Week first reported Voge had emerged as the frontrunner to succeed Dell. Since then, the candidates have traveled extensively throughout the firm's 32-office network in an attempt to individually meet as many partners as possible.

It is understood that Voge's pitch to partners included the pledge that he would stand for one single five-year term, before passing the reins to a more junior partner.

After Dell announced his intention to retire last November, the firm appointed a succession committee led by New York litigation partner Miles Ruthberg, to lead the transition.

The 15 committee members were drawn from partners outside the firm's current executive committee. Latham said the group reflected a "cross-section of lawyers, representing a variety of practice areas, geography and seniority, and with a heavy weighting of younger partners".

Since taking over as chair and managing partner of Latham, Dell has overseen an increase in annual revenue from $262m to $2.29bn (£1.38bn) and a near quadrupling of the firm's lawyer headcount to 2,100, despite not merging under his stewardship.

In four terms under Dell's leadership, profits per partner also grew from $550,000 in 1994 to $2.49m (£1.49m) in 2014.