Allen & Overy (A&O) has lost its only Frankfurt-based securitisation partner
Bodo Schaar has moved to the London office of US firm Orrick Herrington & Sutcliffe, where he will focus on securitisation and capital markets work.
Although Schaar was A&O's only pure securitisation partner, a firm spokesperson said two other partners - Peter Stenz and Okko Behrends - would refocus to spend more time doing securitisation work.
The firm does not intend to replace Schaar with a lateral hire; rather, the plan is to make up an associate at a later date. It is understood that Schaar's departure was amicable and that A&O did not require him to take gardening leave.
Schaar, who is dual UK and German-qualified, said: "I think it's a fascinating opportunity. If you look at Orrick's position in the US and Asia, it cries out to be replicated in Europe."
He will work from London, but the focus will be on mainland European work, at least until Orrick builds up its European network.
Orrick's international partner Michael Bacon said in a statement: "Bodo's appointment reinforces our strategy to develop London and our Continental European capability in tandem through our core practice areas."
Schaar's hire follows the recruitment of structured finance lawyer Jim Waddington from Proskauer Rose's Paris office. Orrick officially launched its Paris office last month, when Watson Farley & Williams partners negotiated an early release from their notice period. The firm now has seven partners and around 35 associates in Paris.
The firm is also looking for a London merger, although it has not yet identified a UK firm for serious talks.