Macfarlanes' longstanding senior partner Charles Martin is to step down in 2020 and will be succeeded by private client partner Sebastian Prichard Jones.

Martin (pictured), who has been senior partner of the City firm since 2008, will formally stand down when his fourth term expires in 2020.

A consultation with all partners during the autumn confirmed he will be replaced by Prichard Jones, who joined the firm as a trainee in 1996 and made partner in 2005. His practice focuses on advising entrepreneurs and wealthy families on tax issues, and he was last year named among Legal Week's Private Client Global Elite 2017.

Martin, who is expecting to continue working at Macfarlanes in some capacity when he steps down from his leadership role, told Legal Week: "One of the real tests of leadership is how you handle succession – you wouldn't want to be Arsene Wenger and outstay your welcome.

"We've always decided these things well in advance and in this case it just made sense to do it slightly earlier. The feedback has been very positive, if you can do it this way it's much better. The idea is that I will remain senior partner until April 2020 but will increasingly involve Sebastian.

"Twelve years is a very long time in the role – it's been an honour, it continues to be great and I love it but it's quite long enough – it'll be nice not to be constantly on duty. Every single partner was consulted and spoken to over months about my successor and I'm pleased to say that there was full support for Sebastian."

In its latest financial results, Macfarlanes announced an 8% increase in profit per equity partner (PEP) to £1.38m, while revenue also rose by 4% to £167.6m. When Martin stepped up to the senior partner role in May 2008, the firm had revenues of £110m and PEP of £1.1m.

During his management tenure, Martin has played key roles on some of the firm's biggest mandates, including Vodafone's $130bn sale of its 45% stake in US mobile operator Verizon Wireless in 2013. The mega-deal saw Macfarlanes secure a first-time role for Verizon on the back of its long-term relationship with the company's lead US adviser, elite Wall Street firm Wachtell Lipton Rosen & Katz.

Commenting on Martin's term, Prichard Jones said: "I think Charles' major achievement is to take a firm that was in pretty decent shape in 2008 and move it to a far stronger position over 10 years. I'm fully expecting that to continue until 2020 when he steps down – he's done a fantastic job steering us. You are unlikely to see any major strategic shifts when I take over – partners are very committed to our route."

Macfarlanes managing partner Julian Howard is also set to stand down in 2020, with a successor set to be appointed in the next few months. As with the senior partner position, Macfarlanes will not hold either an election process or a vote on Howard's successor.

Both Martin and Howard saw their leadership terms extended to 2020 last year following a partner vote.

• Charles Martin will be co-chairing the the Global Independent Law Firms Forum 2018 in London this April; don't miss your chance to secure your place – early bird rates are now available.