The move was confirmed at the firm’s annual partners’ conference in
Young has held the management role since 2004, when he saw off competition from former senior partner Andrew Walker and head of corporate Hugh Nineham to take up the post.
The decision extends Young’s term of office until April 2012.
During his tenure Young – who chairs the firm’s partnership council – has presided over a number of controversial reviews of the firm’s lockstep and its conversion to limited liability partnership (LLP) status earlier this year.
He is also overseeing moves to extend the rights of non-equity partners at the firm, handing salaried partners some voting rights and making them members of the LLP. A decision on the proposals is expected early next year.
Meanwhile, Lovells is also considering bringing several lawyers in less profitable jurisdictions into the equity on reduced points. Young’s most recent lockstep review, staged earlier this year, increased the entry point for new partners from 24 points to 30. However, the latest consultation by practice heads could see some partners entering below the new rate as the firm moves to expand its equity partnership overseas.
Young told Legal Week: “The [LLP] membership point has been around for some time. There is a lot of sympathy for the idea and there have been no serious objections raised against it so we are looking to get some written recommendations out by early next year and bring the changes into effect in the next financial year.”