Associates banking on a projects, white-collar or capital markets practice at the “top of the game” needn’t look any further.
Remember that one kid who was always the trendsetter? The one who would start doing something and the rest would follow? Well, that’s what it’s like with Milbank and BigLaw associate salaries. Famed among a very select few in setting the market pace when it comes to compensation, yet again, this year has seen a number of firms follow Milbank’s lead. But as insiders were quick to point out, it’s not the only thing that makes it “top of the game.” In fact, those we spoke to highlighted everything from the rotational program for corporate juniors to the abundance of training sessions, mentorship and the “kind and welcoming” feel. As one associate put it: “I thrive when I vibe with people, so getting along with everyone was important.” But how do prospective associates get a feel for this before they start? Well, by “attending networking events and being put in touch with people that were very willing to connect with me.”
“I wanted a firm that was diversified in what they do and the types of clients they have, Milbank has both strong transactional and litigation practices…”
In these turbulent times, it’s also important to look for practices that can withstand the economic storms that follow: “I wanted a firm that was diversified in what they do and the types of clients they have,” one source commented, “Milbank has both strong transactional and litigation practices. So, when one is slower the other picks up. You will always have your back covered!” Certainly, Chambers USA can speak to Milbank’s expertise across both, affording the firm top US-wide rankings in bankruptcy/restructuring, capital markets, securitization, mining and metals, projects, and transportation finance, alongside general commercial, securities and white-collar crime and government investigations litigation. Milbank also collects over 80 rankings in Chambers Global, with the highest praise in the Asia-Pacific region for projects & infrastructure work. The firm’s network includes eight offices in vital financial hubs across Europe and Asia. At home, the firm’s New York HQ, DC and LA offices make up the domestic offering, with the Big Apple housing the largest number of associates.
Strategy & Future
“We’ve established ourselves among the top echelon of firms; our approach is to go after the most sophisticated work in the market for the most sophisticated clients,” chairman Scott Edelman tells us. Something that the firm prides itself on is its growth in revenue:“Each year our revenue goes up – even during the covid years,” one junior highlighted. Milbank’s revenue reached a whopping $1.86 billion in 2024, an increase of 20.3% from the previous year. It turns out that growth is a recurring theme too. One associate was keen to point out that the firm is always looking to “grow in every practice area, gain in market share, and become a more prominent law firm than ever.”
Talent is a strategic part of this success; Edelman details “recruiting the very best of associates, paying the very best associates top of the market, and recruiting the very best partners.” With leading practices across the firm, “more and more over the last couple of years, we’ve accomplished that,” Edelman confirms: “You can see that with the hiring of Neal Katyal, one of the pre-eminent supreme court litigators in the country” who will lead the newly established appellate practice. In fact, Milbank has attracted a number of legal superstars to its ranks, Edelman goes onto reference Gurbir Grewal, the former head of the enforcement and trials unit at the SEC; Olivia Choe, the former chief litigation counsel at the SEC; James Weingarten, the former head of trial at the FTC; Joshua Sterling former Ex-CFTC senior official; and the addition of Lisa Laukitis in the restructuring practice. Adding significant experience across the arbitration and litigation, including trial expertise, antitrust and regulation, and restructuring practices. Looking to the future, Edelman conveys “we continue to engage in careful growth and take advantage of great opportunities when we see them. Last year, we had strength across the whole firm and I’m hoping that will continue into 2025."
The Work
Just over half of the firm’s associates can be found in alternative investments and global projects, energy and infrastructure finance, and litigation. Of the remainder, a good proportion join leveraged finance and corporate, with the rest split between finance & securities, financial restructuring, transportation & space, real estate, trusts & estates, and tax. Each group benefits from a centralized staffing coordinator who handles work allocation, someone who, as associates explained, “considers our development and interests, and works with us.”
Starting with litigation, juniors act as generalists and have the scope to tackle general commercial, insurance, white-collar, securities and antitrust litigation as well as bankruptcy cases, which come with the likes of “corporates, adjudicators, brokers and investment advisors – the big four” one told us. Day-to-day, junior associates work on doc review and production, legal research for memos and motions, building up to then picking up the pen to draft publicly filed motions. When exactly this is depends on what the partner is comfortable with, but one associate we spoke to highlighted being able to step up to the plate and take “the lion's share of the drafting” relatively early on. Responsibilities depend on the stage and scale of the matter too. Giving the rundown of a white-collar matter, one source spoke of “gearing up to trial preparing the exhibition list, cross examination outlines and assisting with depositions following a huge phase of research and fact development.” Those we spoke to valued having a “good variety of work as it has allowed me to understand what I want to do.”
Litigation clients: Broadcast Music, Carlyle Aviation Partners, Brighthouse Financial. Represented Lincoln National Corporation and The Lincoln National Life Insurance Company in the United States District Court over breach of contract claims.
“It’s fascinating learning about different jurisdictions and what can and can’t be done!”
On the transactional side of the coin, first year associates are placed into a rotational system to explore their interests before joining a specific group. From among the groups on offer here, we heard the firm’s alternative investment practice is worth keeping an eye on: “the group – along with the private credit space - is growing!” The group is split intoderivatives, lending specialty finance, collateralized loan obligations and structured credit teams. Encompassing both lender and borrower work, “there’s lots of opportunities to learn about different industries in the finance context with interesting collaterals and loans.” Case in point, “most of our clients are US-based but they might have a non-US guarantor or collateral so there’s a way to get that international angle. It’s fascinating learning about different jurisdictions and what can and can’t be done!” an insider enthused. Standard tasks include managing checklists and closing mechanics, due diligence, communicating with counsel and drafting ancillaries. With tight deadlines things are fast moving – in one instance, a source recalled “having to secure funds within a very short timeframe, it was great to be able to deliver on that.” Juniors agreed: “You can take on as much as you demonstrate your capable of taking ownership of.”
Alternative investment clients: Morgan Stanley, Blackstone Credit, Goldman Sachs. Advised MidOcean on multiple CLOs including representing the client as the portfolio manager in a $407.4 million aggregate principal amount CLO transaction in which Morgan Stanley was the arranger.
“…with the big investment banks and top-tier sponsors, the responsibilities and ownership I have is much more than expected…”
For those over in global projects, energy and infrastructure, “Milbank is at the forefront of novel transactions,” representing lenders across equity financing, debt financing, tax equity financing and tax credit transfers linked to mining, telecommunications, oil and gas and renewable energy projects both nationwide and globally. A source explained that the work is largely split between “the paper commitment process for a designated bank and submitting the bid (possibly negotiating), following from the beginning through to end with its closing. The other side is typical deal work revolving around amending the credit agreement that has been signed.” Junior responsibilities therefore include running the checklist, drafting exhibits for financing agreements, reviewing and drafting ancillaries alongside liaising with specialist teams. With lean teams, a source reflected that “with the big investment banks and top-tier sponsors, the responsibilities and ownership I have is much more than expected – it has allowed me to grow so much quicker.”
Global project, energy and infrastructure finance clients: Hecate Grid, Plus Power, BNP Paribas. Represented Bank of America, JP Morgan and Wells Fargo in connection to a $1.2 billion tax equity investment in the 800MW Vineyard Wind 1 offshore wind project in Massachusetts.
Career Development
Insiders were unanimous in feeling that the firm is invested in their development, and associates quickly pointed us to the core training programs and mentorship opportunities on offer at the firm. Examples include Advocacy@Milbank for litigators or Deals@Milbank for transactional associates: “It continues to hammer in what we do, allowing us to learn and grow quicker!” The programs cover a range of topics from email writing, drafting, and oral arguments to reviewing merger agreements and other substantive tasks. One associate shared that “they want you to be a good lawyer with business sense.” To this end, fourth years embark on Milbank@Harvard, a three-week-long session at Harvard University akin to a mini-MBA program.
Juniors are assigned an associate ‘buddy’, “someone you can ask the dumb questions” as well as senior and partner mentors for career advice. What’s more, you can grab a coffee or lunch together on the firm’s dime! On the job, sources appreciated that partners “take the time to explain things and offer tips and advice.” When it came to talking about the future, one observed that “100% will the firm do what it can do advance your career, whether you want to rise to the opportunity and make partner or leave to the best place you with a client.” The details surrounding the path to partnership were unclear for some, but on the whole: “I know people who have been here their whole career and made partner, so it feels attainable in that sense.”
Culture
“I really value how down-to-earth and approachable people are…”
Everybody knows it’s the people you work with that shape your experience, and at Milbank it’s no different: “I really value how down to earth, and approachable people are,” an interviewee praised. “A big part of that is feeling part of the team, coming in with the mindset of being a problem solver and open to learning – it lends itself to more opportunities.” With a supportive environment that adds to the work culture, another added: “We work very hard and there are learning opportunities – I’m excited to do the work as you know people have your back.”
We heard that among the juniors, the culture is “great. I’ve made some awesome friends here,” one interviewee told us. It’s a good thing then that “there are plenty of opportunities to socialize and get to know others, no matter the level of seniority, in more casual settings.” Each department also hosts their own get-togethers frequently. A junior reassured “most of them are within working hours or just a couple of hours after. It’s not every single day as people have lives and spend time outside of work with loved ones.” One recalled attending a dinner to meet others from different practices and came “away with four new friends that night.”
Hours & Compensation
Billable hours: no requirement
With no billable requirement, one source suggested that it “cultures a better work environment, fostering collaboration and less internal competition”, adding with amusement “everyone knows you have work to do.” In the same vein an alternative investment junior divulged “I’ve been so busy that I’ve not even thought about it.” Keeping in good standing, everybody gets an end-of-year bonus, and last summer, Milbank was the first mover to grant its associates special summer bonuses.
The firm offers a hybrid working model with three days a week in the office: “Each group has its own flavor, with their own in-office days. It’s pretty flexible overall,” a junior summarized. As for the hours, sources mentioned “striving for eight-to-nine billables a day,” but “there are lots of hills and valleys. You can be billing lots for two to three weeks, with some weekend work, before it calms down again.”
Pro Bono
Associates are expected to hit at least 25 hours of pro bono a year, although we heard “many go above and beyond.” And it’s celebrated too “with many people having these glass pro bono awards” recognizing their efforts. In the busyness of the day-to-day, interviewees “make the time for it as it’s something that I enjoy a lot.” This is supported by it being both billable and uncapped. Not only do juniors find it “really rewarding” but it also serves as a “great opportunity to take a leadership role as well.”
There are a range of opportunities, including small business clinics, prisoners’ rights and criminal justice reform, support to veterans, family matters, and animal rights. Moreover, if something calls to you, “you can bring an opportunity to the pro bono attorney, work it out with them and get it on the list of approved matters,” a junior added.
Pro bono hours
- For all (US) attorneys: 29,185
- Average per (US) attorney: 44
Get Hired
The first stage: recruitment on and off campus
OCI applicants interviewed: undisclosed
Interviewees outside OCI: undisclosed
Milbank interviews students at over 30 law schools each year. It continues to participate in traditional OCI programs and job fairs, but also increasingly interviews students who apply directly through its website. Roughly three out of four of the summer associate class are recruited from the top 20 law schools. Nearly 60% of the summer class of 2024 consists of students from the top fifteen law schools.
Traditional OCI screen interviews are conducted by a partner and associate duo, while early interview screens are conducted by hiring partners. Milbank’s recruiters don’t “expect students to know everything” at the OCI stage, but we heard that “those who have a compelling basis for choosing to interview with Milbank always impress.”
Top tips for this stage:
“Everyone is very curious. A classic Milbank person is someone who’s really smart, someone that has a life and a personality that brings something different to the table. Crack a joke or tell a story – no one hides in the dark here. We’re a very welcoming and warm community.” – a junior associate.
“The key ingredients for success at Milbank are intellectual curiosity, enthusiasm for the practice of law, a strong work ethic, and a devotion to teamwork and collaboration. Show us that you bring these traits to the table and you will impress.”– partner Alex Lees
"Collaboration and collegiality are key ingredients in Milbank’s culture so interviews are meant to be conversational and about learning who candidates are as individuals." – partner Sean Solis
Callbacks
Applicants invited to second stage interview: undisclosed
Students typically interview with two associates and two partners, and then can opt for a lunch or coffee with junior associates. The firm also offers the option of evening interviews, which are followed by a casual cocktail reception. A junior associate involved in this process told us: “We take callback interviewees out to lunch after their formal interview for another informal interview – to make sure they’re normal people! We’re given a list of criteria that the firm’s looking for: do they work well in teams? Are they intellectually curious? Do they strike us as the kind of person we want to work with?”
Top tips for this stage:
“You can never look at someone’s resume and say, ‘that’s a Milbank person’, but you can tell pretty quickly within five minutes of being in a lunch with them whether they fit. They’re smart but at the same time don’t take themselves too seriously. They’re interesting and have interests outside of what they’re working on a daily basis.”– a junior associate.
"We look for candidates who show us that they are enthusiastic about practicing law, engaging with legal issues and ideas, and taking on new challenges. Show us that you are a self-starter and an eager learner, motivated to engage in the complex problem-solving that characterizes our practice." – partner Sean Solis
"Consider how your personal and professional experiences have gotten you to this moment in time, and how those experiences make you the right fit for Milbank." – partner Alex Lees
Summer program
Offers: undisclosed
Acceptances: 86
Milbank's summer program allows students to rotate through up to three of the firm's practice areas. Work is assigned by practice group assignment coordinators and each summer associate receives a partner mentor and an associate mentor. Summer associates receive real-time feedback on their work in addition to mid-summer and end-of-summer meetings with a hiring partner to discuss feedback and their development for the future.
Summer associates participate in formal training programs throughout the summer program. The first program examines a hypothetical company, Windstar, and each session includes an exploration of a key legal step from inception to bankruptcy and then restructuring, including work on assignments ranging from commitment letters to an IP prospectus. Each session is taught by partners and associates who are experts in the subject matter. The second training program consists of Lunch-and-Learn sessions with the various practice groups at the firm.
Nearly 100% of summer associates return as junior associates. When they return, they are assigned to the ‘transactional rotation program’ or to litigation, restructuring, tax, or trusts & estates. Associates in the transactional rotation move through three corporate and finance practices.
Top tips for this stage:
“There’s an emphasis on trying to find the types of people that’d fit into the culture: friendly, and easy to get along with. Those people who you’d want to spend the hours with when the hours are long.”– a junior associate.
"The summer program offers you an opportunity to not only get to know the firm but also figure out what kind of lawyer you’d like to be. It’s an opportunity to ask questions, attend training sessions, explore various practice areas and network with lawyers across the firm." – partner Alex Lees
"The summer associate experience will help teach you about the practical side of being a lawyer following the rigors and intellectual side of the law you learn in law school. But the program also is a lot of fun, chock full of events intended to promote the cohesion of the summer class and give summer associates a memorable experience." – partner Sean Solis
And finally….
“One thing I’ve noticed is that Milbankers are generally pretty funny. When they get us all into a room, I’m surprised at how easy it is for everyone to make each other laugh.”– a junior associate.
Milbank LLP
55 Hudson Yards,
New York,
NY 10001-2163
Website www.milbank.com
Main areas of work
Firm profile
Recruitment
Berkeley, Boston College/Boston University (Job fair), Chicago, Columbia, Cornell, Duke, Fordham, Georgetown, GW, Harvard, Howard, MCGC (Resume collect), Michigan, Northwestern, New York University, Penn, Stanford, Texas, UCLA (LA), UCI (LA), USC (LA), UVA, Vanderbilt, Yale.
Recruitment outside OCIs:
Milbank accepts applications for its 2L Summer Program directly through its website. The application opened on April 1, 2025. We hire exceptionally talented 1L students for the New York office, and will begin accepting 1L applications for the following summer on December 1st. Milbank actively recruits judicial clerks from courts in the United States and from the Supreme Court of Canada.
Summer associate profile:
We are looking for summer associates who demonstrate a high level of intelligence, creativity, leadership, determination and enthusiasm.
Summer program components:
Milbank’s summer program is a microcosm of life at the firm. Summer associates in our New York office rotate through practice groups, while summer associates in our Los Angeles and Washington D.C. offices have the opportunity to work with all practice groups in their respective offices. Professional development is fundamental to the program, and all summer associates are assigned partner and associate mentors who help ensure direct exposure to the firm’s work and culture. Summer associates receive constructive and substantive feedback from partners at mid-summer and end-of-summer reviews.
Social media
Linkedin: www.linkedin.com/company/milbankllp
This Firm's Rankings in
USA Guide, 2024
Ranked Departments
-
California
- Bankruptcy/Restructuring (Band 3)
-
New York
- Antitrust (Band 5)
- Banking & Finance (Band 2)
- Bankruptcy/Restructuring: The Elite (Band 1)
- Corporate/M&A: Highly Regarded (Band 3)
- Litigation: General Commercial: The Elite (Band 3)
- Litigation: Securities (Band 3)
- Litigation: White-Collar Crime & Government Investigations: The Elite (Band 2)
- Real Estate: Mainly Corporate & Finance (Band 3)
- Tax (Band 3)
-
USA - Nationwide
- Banking & Finance (Band 2)
- Bankruptcy/Restructuring: The Elite (Band 1)
- Capital Markets: High-Yield Debt (Band 4)
- Capital Markets: Securitization: ABS (Band 3)
- Capital Markets: Securitization: CLOs (Band 1)
- Capital Markets: Securitization: Whole Business (Band 1)
- Corporate Crime & Investigations: The Elite (Band 5)
- Mining & Metals (Band 2)
- Offshore Energy (Band 2)
- Projects: Agency Financing (Band 2)
- Projects: Mining & Metals (Band 1)
- Projects: Oil & Gas (Band 2)
- Projects: Power (Band 1)
- Projects: Power & Renewables: Transactional (Band 2)
- Projects: PPP (Band 3)
- Projects: Renewables & Alternative Energy (Band 1)
- Securities: Litigation (Band 5)
- Securities: Regulation: Enforcement (Band 3)
- Tax: Corporate & Finance (Band 4)
- Transportation: Aviation: Finance (Band 1)
More from Milbank:
- Careers at Milbank
- Learn more about associate development at the firm
- Discover Milbank@Harvard, a professional development course for Milbank associates
- Read up on DEI initiatives at the firm
- Listen to the firm's podcast episode on Diversity, Equity & Inclusion: "Fostering an Authentic Community"
- Read up on the firm's Women's Initiative
- Learn more about the firm's values