Mallesons Stephen Jaques M&A partner, Tim Bednall, will take on the role of chairman from 1 January 2010 after the appointment was confirmed at the December meeting of the Mallesons board. Bednall will replace outgoing chairman Frank Zipfinger, who will end his five-year-term on 31 December.

Bednall will continue his M&A practice as he takes on the duties of chairman. He said the economy remains the primary challenge facing Mallesons and its top-tier competitors. “I think that the main challenge facing the firm as well as other major Australian firms is continuing to deal with a difficult economy,” Bednall said. “I think this firm and the management team here have managed the challenges that the economy and the GFC have presented extremely well to date and I’m looking forward to the continued management of those issues.”

The pricing of legal services and providing value to clients remains a topic that needs to be debated in the future, Bednall said. While the issue is unlikely to ever be fully resolved, Bednall expects to see more flexibility in that area in the short to medium term.

“I think the firm is in a really good position at the moment… It is clearly in a preeminent position in this market and so my objective is to maintain that position and continue to work with a very strong board and strong management team which is supported by a fantastic group of partners,” he said.

Bednall started his career as a lawyer in the early 1980s with Finlaysons in Adelaide, where he made partner. He subsequently became a partner at Allens Arthur Robinson, and executive general counsel at Southcorp. He was Head of M&A at Allens before joining Mallesons in 2004.

Zipfinger will continue as chairman of the ‘Mallesons in the Community’ board, which oversees the firm's community and charitable programs.