Milbank

Milbank is a New York-headquartered law firm with a strong presence in the London legal market.

Founded in 1866, Milbank traces its roots back to the industrial boom of late-19th-century America, counting the Rockefeller family and Chase Manhattan Bank among its earliest clients.

Fast forward to today, and the firm still thrives on handling high-stakes, complex matters - albeit now on a more international scale, with 12 offices spanning financial hubs including New York, London, Frankfurt, Singapore, Hong Kong and Tokyo.

Its London office, launched in 1979, has become an increasingly significant part of the firm's global ambitions and serves as Milbank’s hub for European operations.

A key recent move was its merger with the London private equity team of leading Scottish firm Dickson Minto in 2022, a tie-up that added six partners and 14 associates and gave Milbank’s private equity bench a significant boost as it looked to compete with US rivals in the booming market for lucrative private equity advice.

Milbank’s 100 Liverpool Street office currently houses over 200 lawyers, a number set to increase following the firm’s 2024 announcement of plans to expand its office space to accommodate another 85 lawyers by early 2026.

Milbank lays claim to having the highest concentration of Chambers rankings per lawyer of any US firm in London. Indeed, it is known for having a deep bench of specialists, particularly in finance, energy and projects, and restructuring - where it operates at the top of the market.

While not always grouped with the ‘global elite’ due to its leaner international footprint and smaller headcount, the firm is still seen as a US heavyweight - a reputation backed up by the market-leading salaries and bonuses it hands out to associates on both sides of the Atlantic.

Milbank is best described as a leading global firm with a strong finance focus.

Other things to know

LevFin Training Contract: Milbank has a ‘LevFin Track’ for trainees - a first-of-its-kind training contract with a heavy focus on leveraged finance. Trainees spend 12-18 months with Milbank’s LevFin team in London, followed by at least one seat in another practice area, with the ultimate goal of qualifying as a leveraged finance associate at the firm.

Big Spender: Milbank is known for handing out particularly generous pay packages. In 2024, the firm offered associates up to £19,500 in summer bonuses - on top of generous end-of-year bonuses (which can reach up to £90,000). Its base salaries are already at the top end of the market (around £175,000 for NQs).

Bumper Year: Milbank had a blockbuster 2024. The firm had its best year ever in London with revenue hitting $327 million - 40% up on 2023. Overall, the firm posted a 23% rise in revenue to $1.86bn and a 33% jump in PEP, which now stands at $6.8 million.

What is Milbank known for?

Milbank is a full service corporate law firm. In the UK market, it is best known for its expertise in the following areas:

Banking and Finance: Milbank has a leading lender-side practice, advising lenders, arrangers and underwriters on big-ticket financings with a regular cross-border aspect. Its lender practice is ranked Band 2 by Chambers for the biggest financings.

Capital Markets: Milbank is one of the City’s leading advisers on collateralised loan obligation (CLO) transactions, known especially for its manager-side practice. It also has a leading high-yield bond practice. The firm is ranked Band 1 by Chambers for CLOs.

Projects & Energy: Milbank is a go-to adviser on project financings and restructurings. The firm has a Band 1 ranking by Chambers for projects work. It also has a highly-rated energy practice.

What's Chambers?

We use Chambers rankings to demonstrate a firm's strengths. Chambers is the most highly-regarded provider of law firm rankings in the legal industry. Law firms are ranked in bands from 1 (highest) to 6 (lowest) across a range of practice areas.

It's important to note that being ranked in any band at all is still considered a significant achievement.

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Who does Milbank compete with?

In the London market, Milbank competes with the leading players for finance work. Rivals include Magic Circle names A&O Shearman, Linklaters and Clifford Chance, and US peers Latham & Watkins and Kirkland & Ellis.

In 2024, Milbank’s global revenue was $1.86 billion.

Its profit per equity partner (PEP) was $6.8 million.

How much does a partner at Milbank make?

In 2024, Milbank’s average profit per equity partner (PEP) was $6.8 million.

This is the total amount of profit available for distribution among equity partners, divided by the number of equity partners at the firm.

This represents the average amount that equity partners are entitled to. Some will receive significantly more, some less. It depends on the firm’s profit-sharing formula and each partner’s seniority.

How many trainees does Milbank take?

Milbank takes on 12 trainees each year in the UK (including trainees on the leveraged finance track).

Trainees complete four seats in different departments, each lasting six months.