The appointment, effective 1 January next year, was confirmed at the Mallesons Board December meeting. 

Zipfinger's five-year term will end on 31 December, leaving Bednall to take the helm. 

Bednall himself was described as "one of the top M&A experts in the country" by Chambers Global Guide 2009. 

“I am delighted to have been chosen to take on this role at an exciting time in the life of our firm," Mr Bednall said. "The Chairman plays an integral part in firm strategy issues and has an important liaison role between management and the Board, as well as the broader partnership.

“I also look forward to representing Mallesons in a non-executive capacity amongst clients, professional groups, community organisations and educational institutions," he said.

Mallesons' chief executive partner, Robert Milliner, said: “I am looking forward to working with [Tim Bednall] and our partners in continuing to develop Mallesons as Australia's leading law firm. On behalf of the firm, I would like to thank [Frank Zipfinger] for his leadership of the Board and, at a personal level, for his unstinting support and wise counsel over the last five years."

Zipfinger said Bednall is well connected in both the legal and corporate arenas. He said he "brings a broad base of experience to the chairman's role that will undoubtedly benefit the firm strategically in the years ahead".

On his own term as chairman, Zipfinger said: "I have enjoyed the role immensely over the last five years. Mallesons is today in the strongest market position that it has ever been in, due to the hard work of partners, staff and the board. It has been very rewarding to play my part in helping to get the firm to where it is today."

Zipfinger, meanwhile, will continue as chairman of firm's community board, which oversees the firm's community and charitable programs.