Davis Polk & Wardwell managing partner John Ettinger, who has led the US firm for the past 12 years, has announced that he will step down as managing partner by the end of March, reports The Am Law Daily.

Ettinger, 59, an M&A and securities lawyer who joined the firm in 1979, told his partners of his decision at last week’s partnership meeting. He also will relinquish his position on the firm’s three-member management committee, which also includes litigation partner Carey Dunne and corporate head Thomas Reid.