Former Clifford Chance managing partner Peter Cornell is to take up a new role at private equity house Terra Firma this month.
Cornell, who left the magic circle firm in May this year, will be managing director of stakeholder relations at the private equity firm. It is understood to be a specially created diplomatic post that will involve dealing with investors, regulators, the Government and the media.
Cornell will join the 14 managing directors at the firm on 15 October, but will have no responsibility for the legal function, which is headed by general counsel Tim Pryce.
The move by Terra Firma, which is run by prominent dealmaker Guy Hands, will be seen as a response to mounting political criticism of the private equity sector over the past year.
Cornell told The Lawyer: “It’s an interesting time for the private equity sector and this is an interesting role for me. I’m really excited about joining such a dynamic firm.”
Cornell was managing partner at Clifford Chance from 2002 to 2006.