Linklaters is set to elect a replacement for outgoing managing partner Simon Davies before its partner conference in November.

Earlier this month Davies announced that he would step down from his role at the firm a year early to join Lloyds Bank.

The announcement was a shock to many in the market and at the time Linklaters' partnership board had not put together a plan for replacing Davies.

But now the firm's partnership board, which is responsible for overseeing the election process, has said it hopes that the new partner will be elected by the time of its London partner conference on 17 November 2015.

A shortlist of candidates for the role is to be drawn up over the coming weeks.

The successful candidate will be elected for a four-year term.

The firm confirmed that Davies will remain managing partner in the interim before taking up his new role as Lloyds' chief people, legal and strategy officer in January 2016.

Sources have suggested Asia managing partner Marc Harvey and London head of finance and projects Michael Kent as possible candidates for the managing partner role.

Since the announcement of Davies' departure Linklaters senior partner Robert Elliott has been attending meetings of the firm's executive committee to ensure continuity of management during the handover.

Elliott's role is due to come up for election in summer 2016. According to the firm, candidates for the senior partner role will be identified through a process of consultation led by the partnership board. Once this is completed an all-partnership vote will be held.

The partnership board consists of Elliott, 11 other partners and the managing partner, who sits in a non-voting capacity. The current board is made up of four London partners: corporate partner Aedamar Comiskey, capital markets partner Paul Lewis, litigation partner Christa Band and leveraged finance partner Nick Syson.

The board also includes Madrid M&A partner Sebastian Albella, Duesseldorf M&A partner Klaus Hoenig, Paris M&A partner Alain Garnier, Moscow capital markets partner Dmitry Dobatkin, Antwerp corporate partner Jean-Pierre Blumberg, Bangkok project finance partner Wilailuk Okanurak and Sao Paulo M&A partner Alberto Luzarraga.