It is not often that a major partner hire is viewed as a negative for both firms involved. But in the case of Allen & Overy’s (A&O’s) hire of Lovells private equity stalwart Derek Baird last week, this is precisely how the tight-knit world of City private equity lawyers reacted.
For A&O, the charge from rivals is that the hire has come far too late. In contrast to its heavyweight debt practice, the firm’s private equity arm has been conspicuous by its absence from the string of European deals that have kept the M&A market afloat during the past three years or so.
