Stephen Purcell will step down as managing partner of Henry Davis York (HDY) on 30 June 2008 and leave the firm, where he spent nearly 20 years of his professional life.

"This was probably one of the toughest decisions I've ever made and one I laboured over for some time. I am truly passionate about HDY and the people who work here, but ultimately there comes a time when everyone needs a new challenge," Purcell said.

Under Purcell's leadership the firm has achieved substantial growth; revenues have increased by more than 250% in the last seven years to A$70m. He is known for his clear vision of a single office that he feels sets the firm apart from its competitors.

"I am very proud of what HDY has achieved. It is in great shape and well positioned for the future. I will continue to work hard over the next 11 months to ensure it remains a strong performer for many years to come."

Purcell hasn't committed himself to a new organisation yet. "I didn't want to canvas the market before speaking to the partners," he said. "I'm starting with a clean sheet of paper; all options are open." However, Purcell said it's unlikely he will take up a position with another professional services firm.