Berwin Leighton Paisner (BLP) is gearing up to elect its first new managing partner in 16 years, after longserving postholder Neville Eisenberg confirmed that he will not stand for re-election.

Eisenberg's fifth term as managing partner will end on 30 April next year, with the firm set to decide on his successor before this point. The firm confirmed Eisenberg would stay at the firm in another position, with some partners suggesting he is likely to take on Harold Paisner's senior partner post which is also due to come to a close next year.

Partners have long expected that Eisenberg (pictured) would not continue his role as managing partner, and that he would instead take on a different management title. Robert MacGregor's term as executive chairman is also due to end in 2016.

Early tips for Eisenberg's potential successor included head of corporate David Collins.

A spokesperson for the firm said: "The managing partner election will take place before the end of April 2015 for the next term of office which starts on 1 May 2015. Neville Eisenberg has indicated his intention not to stand for re-election as managing partner but that he will remain at BLP in a different role."

Eisenberg has been managing partner at BLP since the merger between Berwin Leighton and Paisner & Co in 2001, having first taken up the role at legacy Berwin Leighton in 1999.

Eisenberg ran unopposed for re-election in 2012, when he took up a three-year term.