It’s been the longest goodbye in the world. Richard Youle and Ian Bagshaw, Linklaters’ star private equity partners, are off to White & Case.
It’s been an open secret in the private equity community that the two have been in talks with other firms. First Ropes & Gray in 2010, then Latham & Watkins and Fried Frank earlier this year. Most observers were convinced that Fried Frank would be on the cards – until White & Case made its play a couple of months ago.
The portability of the pair’s practice and their stellar combined billings means that they have consistently been the number one targets for headhunters. And here’s where it gets interesting. The Lawyer understands from several sources that the Linklaters management issued an ultimatum to the pair: commit publicly to the firm, or go.
And so the two have gone. By December Youle and Bagshaw will be at White & Case building up their new business.
The question is, will White & Case commit to deploying a dedicated sponsor finance partner for the duo? And closer to home, what’s going to happen to the private equity group’s pool table on the seventh floor?
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