Wallace (pictured) will begin his term as chairman on 1 January 2013.
He has been a partner at the firm since 1989 and has previously served as a member of the Board and as deputy managing partner.
He will succeed Ewen Crouch, who has decided to step down when his current term expires at the end of 2012.
Wallace has expertise in the banking and finance sector, and has a particular focus on structured finance transactions.
He also has an active restructuring and insolvency practice, including recently leading the team that advised the lender group in relation to the Babcock and Brown Power/Alinta Energy debt restructure.
Wallace said that he was looking forward to taking up the role.
“While we are immensely proud of our long history, we are tremendously excited and energised by our future opportunities as we continue to strengthen and deepen our engagement with our clients, in conjunction with our alliance partner Linklaters,” he said.
“I see one of my chief roles as chairman being to assist our partners and staff in their client engagements.”