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Jay Zimmerman has been the head of the law firm Bingham McCutchen LLP since 1994, but he is scaling back his role as part of the next step in the succession plan, according to The Wall Street Journal.
Zimmerman oversaw the expansion of the firm through multiple mergers. It grew from a firm with 175 lawyers in Boston to a national firm with 850 attorneys across 14 offices. Some of those offices are in foreign countries.
It was announced on Tuesday by the firm that Zimmerman will hand over his daily duties to managing partner Steve Browne. The change will be complete by June 1 and Zimmerman will stay with the firm as chairman through 2015. He will focus on strategy and client relations.
Last year, the revenue at the firm dropped by 12.6 percent, which is good for $110 million. A spokeswoman from the firm said the succession plan began three years ago and is not due to the poor financial performance of the firm in 2013.
In September, Browne was appointed managing partner, which was newly created.
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The management team for Browne will include corporate attorney partners Daniel Papermaster (operating partner), Anthony Carbone (finance partner) and Debra Fischer (administrative partner).
“We’re excited to lead Bingham in such dynamic times,” Browne said in a statement. “A lot of thought went into the transition process, the new governance structure and the partners selected to help me lead.”
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