Mr Ranson joined Eversheds in 1990 in the London office and led the Real Estate Litigation Group and the Real Estate Practice Group before being named managing partner in 2009. He will continue in that role until taking up his new position next May, with global company and commercial head Keith Froud tipped as the favourite to become the next managing partner.

‘Integral role’

Eversheds' chairman, Paul Smith, commented: ‘Under [Mr Hughes’] leadership, we have increased revenue, profitability, and financial strength through some tough years for the legal sector. … [Mr Ranson] has played an integral role in achieving this progress and I have every confidence that he will continue to build on the strong platform we have in place.’

US merger

During Mr Hughes’ time as chief exec, Eversheds introduced a strategy to turn the firm into a global leader by 2020 and as part of the strategy appointed Ian Gray as its first international managing partner. The firm is also known be angling for a US merger and had been talks with Milwaukee-based Foley & Lardner late last year, but the talks ended after details were leaked to the press.