Green’s term is due to end in November but partners within the firm have told Legal Week he could stay on for a shortened third term.
It is thought that a shorter term would allow Green to iron out any issues within the partnership resulting from the firm’s recent lockstep review. It would also give Green’s most likely successor, private equity head Charlie Geffen, a few more years to focus on deal work.
While Geffen is widely touted as the most likely candidate to replace Green when he does step down, litigation partner Edward Sparrow is also regarded as a contender.
In 2003 Green beat corporate partner Chris Ashworth — now with O’Melveny & Myers in
He has also been heavily involved in several attempts to overhaul the structure of partners’ remuneration, including the most recent review. The review saw the firm shortening the lockstep to nine years from 10 and moving the gateways to three and six years.
The shake-up involves a number of partners seeing their place on the lockstep re-jigged, with around 50 partners — at both the bottom and the top end of the scale — thought to be affected.
The discussions over Green’s succession are meeting mixed reactions within the firm, with some suggesting a ‘Tony Blair’-style long handover period would not benefit the firm. However, one partner commented: “ has done an excellent job over some very interesting years for the firm. I would be delighted if he stood again.”
Green said that no decision had yet been made.
