One of the world’s worst-kept secrets (ok, some slight over-egging there) was let out of the bag last week when Linklaters private equity partners Richard Youle and Ian Bagshaw resigned for White & Case.
And frankly, it was always going to be a US firm that snared the pair. It’s understood that both of them had been on the verge of resigning to join Ropes & Gray in 2010, then later Latham & Watkins and, most recently, Fried Frank. Each time, The Lawyer understands that Linklaters leadership issued an ultimatum to the pair: commit publicly to the firm, or go. This time, off they went.
Oops. It looks like quite a hit for the magic circle firm, which yeterday held a meeting for private equity associates as a result of the exits (and didn’t waste time replacing the pair, with corporate partner Nick Rees now head of the group). We wonder if associates were told not to be tempted by those pesky US firms during the meeting, what with all their money and growing private equity practices (for more on that see The Lawyer’s In-house Private Equity Report).
Meanwhile, those in White & Case’s European private equity practice must be riding a high – Youle and Bagshaw’s appointment follows the hire of Kirkland & Ellis private equity partner Ross Allardice in August. During the first six months of 2013, the firm says it advised on 102 deals with an aggregate value of US$95bn.
Also on The Lawyer:
- Jones Day has lost its London antitrust head to the City office of Bingham McCutchen
- Mayer Brown JSM has hired Hong Kong-based partner Gabriela Kennedy from Hogan Lovells to lead its intellectual property and technology, media and telecommunications (TMT) group in Asia
- LA-based in-flight entertainment provider Global Eagle has named the former London-based News International lawyer, Jay Itzkowitz, as its general counsel