Allen & Overy (A&O) is set to lose one of its best known corporate partners, with Alan Paul to leave the firm next April at the end of the financial year.

Paul (pictured) has yet to decide on his next move but is in discussions with both law firms and companies about possible roles. He does not intend to be a full-time partner at another law firm.

Corporate heavyweight Paul, who has been a partner at A&O since 1985, has advised on more than 120 UK public takeovers and is also well-known for private equity work, with more than 20 years' experience in the market.

High profile transactions include Macquarie's £8bn takeover of Thames Water, Alliance Unichem's merger with the Boots Group and Heineken's takeover of Scottish & Newcastle.

He was seconded to the UK Takeover Panel in the mid-1980s, and is a member of the Panel's Rules Committee. At A&O he was re-elected to the firm's board for a four year term in 2010, with the firm still to elect a successor.

Paul told Legal Week: "It is true that I am leaving and I announced it to the firm a few weeks ago. I have come to that age where I need to think about what I want to do for the next 5-10 years."

"I am not retiring but it is not the plan to be a full-time partner at another law firm. I am hoping to have a bit more spare time. It is not impossible that I will do something to do with law but I don't know on what basis that would be yet. I am talking with a number of people at the moment, not just law firms."

A&O said in a statement: "Alan Paul has decided to retire from A&O at the end of our financial year. During the past 33 years Alan has made a significant contribution in helping to develop the corporate practice into the global leader it is today. We would like to thank him for this contribution and wish him all the best for the future."