Roseland-based Connell Foley will have a new managing partner next year.

Real estate and corporate transactions attorney Philip McGovern Jr. has led the 140-lawyer full-service firm since 2016. But he is approaching the firm’s six-year limit for managing partner service. So he will step down Jan. 1. The firm announced Wednesday the election of a new managing partner: Timothy Corriston, a longtime member of the executive committee.