Olswang’s high-profile head Jonathan Goldstein is to step down as chief executive to become joint managing director of property client Heron International.
Goldstein, whose term ends in April, has been chief executive of Olswang since 1998, having joined the firm in 1992. In that time he has become one of the City’s best-known law firm leaders after shooting to prominence for taking Olswang’s helm while still in his early thirties.
Partners were told of his intention to leave this weekend, although he had originally mooted the idea to senior management in January.
Olswang will now kick off the process of finding a replacement, with a formal election to take place before the end of April.
Although the firm says it is too early for replacements to have come forward, former partners indicate that likely contenders could include head of property Tim Westhead, head of litigation and international strategy David Stewart and media, communications and technology head David Zeffman.
The firm has indicated that it hopes to find a successor largely through consultation with partners rather than face a potentially divisive contested election.
Goldstein is regarded as a key force behind Olswang’s rapid expansion from 1980s upstart to a major City practice.
He was instrumental in securing the takeover of DJ Freeman’s property team, which successfully diversified the firm from its core technology media focus into real estate, as well as forming an alliance with US giant Greenberg Traurig in 2005.
Senior partner Mark Devereux told Legal Week: “Jonathan is a very visual and very vocal person, but the reality is that the firm has always been run by [a team]…Jonathan will be associated with setting a pace and an agenda for the firm. He is a dear person and I am proud of all that he has achieved.”
He added: “He is still only 40 so it looks like he still has two more careers in him.”
Commenting on the news, one former partner said: “Jonny was one of half a dozen people within the firm that made a lot of money in the dotcom boom, and then continued to do so in management. One of his major visions for the firm was for a US merger, and I am surprised he didn’t stay to see that day.”
He added: “Devereux brings the steady hand, charm and PR within the firm. [Chief operating officer Kevin] Munslow brings financial discipline. But it is Jonny that brings the drive.”
Established in 1965, Heron International is an investment and property group with a £650m property portfolio. One of its current major projects is the development of the 41-storey, Heron Tower office block in Bishopsgate, will start this year.
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