Lovells private equity star Derek Baird has resigned for Allen & Overy (A&O), leaving the top ten City firm with just one private equity partner in London.
Derek Baird, who joined Lovells from Dickson Minto in 2002, quit the firm last Friday. It is understood that Baird has not yet agreed a start date with A&O.
Baird is the second private equity partner to quit Lovells in recent months. Last autumn the City firm lost German private equity star Oliver Felsenstein and a team of associates to Clifford Chance. Following Baird’s departure rainmaker Marco Compagnoni will be the only London-based private equity partner at Lovells.
Commenting on the appointment A&O partner Alan Paul said: “We’re delighted that Baird has decided to join us. He’s a very good lawyer and a very nice man.”
Baird's principal client is Charterhouse, which A&O also advises. He recently advised the private equity house on its £225m buyout of baby care products manufacturer Avent.
Other A&O private equity clients include PAI, Apax and HBOS.