The Legal Cheek View
US heavyweight Milbank has been a part of the London legal scene for over 40 years and continues to go from strength to strength. Its busy City hub boasts impressive revenues of nearly £190 million, marking a 10% increase on the previous year, partly due to its recently strengthened private equity and finance offerings, thanks to the addition of Dickson Minto’s London team to Milbank. The acquisition saw six partners, one special counsel, and 14 associates from the Anglo-Scottish outfit join Milbank’s City office at 100 Liverpool Street.
The firm’s growth extends beyond London. Its global revenues, including those from London, surged by 18% to $1.51 billion (£1.18 billion), while profits per equity partner increased by over 18% to reach $5.11 million (£3.99 million), marking a record year for the firm.
Strong financials aside, the firm’s “spectacular” glass-clad London office continues to woo trainees and juniors with its “lovely roof terrace and 20-foot chandelier,” giving it more of a 5-star hotel feel than a typical corporate space. Such real estate grandeur cannot fail to impress and, as one lawyer puts it, “It’s a nice touch to have our names etched onto the glass doors!”
Once ensconced in magnificent surrounds, Milbank juniors also have the satisfaction that they are among the highest paid of their peers. Trainees start on £57,500 and, once qualified, earn a lavish £170,455.
For that, expect to put in the hours — 10 or 12-hour days seem to be the low side of the norm, and you may be working 16 when deals are to be done. One lawyer responding to the 2024-25 Legal Cheek Trainee and Junior Lawyer Survey noted that “work in pure finance/transaction seats comes and goes, but is brutal when it comes”. While occasional all-nighters might be necessary, it might be comforting to know that there is no face-time culture, so leaving the office at 2pm after a busy period is understandable. Another rookie comments that while “working hard (usually into the evenings and occasionally on weekends) is the expectation”, colleagues generally support the prioritisation of important non-work events as long as this is communicated in advance.
As for perks, they are “amazing” — fantastic offices and facilities, free breakfast, barista-style coffee (“a crowd favourite,” says one spy), healthcare and travel insurance. Milbank lawyers can also enjoy a free breakfast with “literally every option possible”, “decent” lunch options and free dinner after 6:30pm. Several juniors we spoke to highlighted the “top of the market” salary as the best perk, although there were some complaints about the pension contribution. Social life at the firm might fall short of the mark, with the long days, as one rookie reports that “most social stuff is organised with colleagues ad hoc”.
On the quality of work trainees and juniors are given, one spy describes it as “comparatively good”. Another reports that while there are the less glamorous trainee tasks like signature pages, associates and partners “do try hard to give you exposure to more challenging work, such as first drafts of finance documents or drafting legal advice for clients”. While the level of training varies between practice groups, the ‘on the job’ method characteristic of US law firms seems to apply to Milbank’s solicitors-to-be. Trainees report that certain practice groups, such as leveraged finance, are good at formal training, often with multiple sessions held each week on a range of topics. Other groups adopt a more independent approach, but “people are always happy to answer questions and review work if prompted”.
But you’re cutting your teeth on top-quality work, with capital markets, leveraged finance, restructuring and litigation being particular Milbank strengths. A newly-qualified lawyer reports: “I am leading on key work streams of transactions and often projects. This comes with responsibility (which in turn is sometimes stressful), but great learning experience through work. Support is typically on hand if needed. Having trained at a comparable Magic Circle firm, the work at Milbank for someone at my level is undoubtedly of greater quality.”
Peers-wise, trainees and junior lawyers are generally positive on the level of support they receive from their colleagues. Peers-wise, trainees and junior lawyers generally feel positive about the level of support they receive from their colleagues. One rookie mentioned that this supportive environment is a major selling point of Milbank, and it genuinely holds true. As for superiors, while “the odd person is more approachable than others”, a trainee notes “never having been on a deal where [they] couldn’t ask anyone, even the partner, for help”. Another junior corroborates this, finding that partners are open to looking over trainees’ work and sitting down to explain things.
The firm also has a benevolent side, with lawyers expected to complete a minimum 25 hours per year pro bono. Regarding agile working, trainees are expected to come in at least four days a week, although “most teams are quite flexible”. Secondments seem few and far between with one spy reporting spending time in the US. The firm has 12 offices in total, including in Seoul, Singapore, Tokyo, Hong Kong, Beijing, São Paulo, Munich, Frankfurt and three in the US. In previous years, fresh-faced associates reported having the opportunity to go to the Big Apple for orientation. Additionally, there is a bi-annual firm retreat, with past destinations including Cannes.
If such a fast-paced lifestyle is still not enough to attract you, look ahead to the possibility of making serious money at partnership, the returns might just make up for all that travel: profit per equity partner sits at around the $5.11 million (£3.99 million) mark — that’s double some Magic Circle firms! En route, expect high-end clients for deal-making and sometimes innovative work: “A lot of the work that we do is ground-breaking, and first of a kind. Building wind farms in Egypt, or power plants in Brazil, it is cool stuff!” an insider enthuses. Be warned that “sometimes you have to slog it out to get onto the interesting deals” — but that’s the same all over.