Milbank

About the firm

A US firm with a global reach, Milbank takes centre stage within the City of London’s finance market. The firm has built a formidable reputation for high-value transactional work, with particular strengths across leveraged finance, financial restructuring, projects and transportation finance. For trainees, that means exposure to complex, often international matters without the risk of disappearing into a huge cohort. “I wanted a firm that was doing top-tier work,” one trainee explained, “but I also didn’t want to be part of a big intake.” Others were attracted by the prospect of being “a bit more hands-on” and “adding value immediately,” with leaner teams giving juniors the chance to take on meaningful responsibility from an early stage.

Milbank’s finance credentials were another obvious pull. Over at our sister guide, Chambers UK, the firm scores highly for its work in big-ticket leveraged finance (lenders), capital markets (CLOs) and projects, whilst over in the US it sits as a formidable firm for banking & finance, as well as bankruptcy/restructuring.For those looking to hit the ground running, Milbank certainly lives up to the billing. The work is fast-paced, the teams are lean and trainees are expected to take initiative early – an approach that gives juniors plenty of scope to stretch themselves from the outset.

Why trainees joined the firm

High-value work

Trainees were intrigued by the chance to work on complex, top-tier matters. As one source put it: “The kind of profile and volume of the deals appealed to me personally.”

Small trainee intake

Several interviewees liked the idea of being able to contribute early, which was a by-product of having a leaner trainee intake. One trainee explicitly said: “I didn’t want to be part of a big intake.” And with the firm’s smaller cohort, insiders confirmed that “the level of responsibility is good as they allow you to take ownership of your work.”

Finance focus

Milbank’s strength in finance was an obvious major draw. Sources highlighted the firm’s leveraged finance, project finance, energy and transportation finance practices as their reasons for joining, with one trainee explaining: “I knew I wanted to be at a firm that was big into finance.”

Trainee satisfaction rankings

Training contract structure

Seat allocation

The firm operates by using two separate training contracts for its trainees. One of them follows the traditional route whereby trainees complete four six-month seats. The other is named the ‘Leveraged Finance Training Contract Track’ and, as its name suggests, trainees choosing this area do so with the goal of qualifying into the leveraged finance group. Under this specialised training contract, trainees spend 12-18 months sitting in the leveraged finance team, followed by at least one seat in another practice area.

Under the traditional training contract, juniors submit their top three seat preferences prior to each rotation, though they noted that business needs play a significant role in the final allocation. However, interviewees felt that the firm does make an effort to take preferences into account where possible, with trainees scheduled in for regular conversations with the trainee talent development manager to discuss their interests. Whilst there is no compulsory seat across the standard training contract, sources suggested that leveraged finance is something of a rite of passage, with an “unwritten rule” that most trainees spend time in the team at some point.

Seat experiences

Trainee life

Culture and environment

As one trainee put it, Milbank is a place where “you get out what you put in.” People are “lovely and open and willing to chat,” but, given how fast-paced the environment is, it helps for trainees to be comfortable taking initiative in building relationships. Sources suggested that those who do can develop “really good collegial relationships” across the office. Partners were described as easy to talk to, while juniors and seniors alike were said to be willing to answer questions.

One gripe we heard was that seat experiences could be “very team dependent,” with culture shaped more by individual practice groups than by one overarching firmwide identity. Even so, several interviewees felt the office had a friendly, approachable feel, particularly for those “confident enough to invest in relationships with colleagues.”

“People are always willing to help…”

With around 14 trainees in the year, interviewees described a strong sense of camaraderie amongst their peers: “People are always willing to help,” one said, adding that they had “never had anyone turn me away.” Social life is partly trainee-led, with cohorts able to arrange up to four budgeted events annually, such as a recent meal at the Shard, and have HR sign-off on funding their outing.

Practice-group events tended to be informal drinks as well as breakfasts provided in the smaller teams. Events are also organised for future trainees ahead of their start at the firm, to help familiarise them with future co-workers. There are also firmwide summer and Christmas socials, as well as the firm making an effort around events such as Halloween and Easter.

Working patterns

Data from our annual trainee survey

There's no disguising the fact that Milbank demands long hours. Interviewees generally described starting work at around 9 or 9.30am before finishing somewhere between 9pm and 11pm on an average day, with particularly busy transactions sometimes running into the early hours of the morning.

The workload, however, was consistently described as coming in ebbs and flows rather than a consistent influx of time-sensitive matters. One trainee recalled leaving the office around 6pm most evenings in January, while another explained that "when all the deals are kicking off it'll be busy for two weeks" before easing off again. Several interviewees stressed that the very late nights are "more rare than common."

Hybrid working follows a four-day office pattern, with trainees expected in from Monday to Thursday. Feelings on this were generally positive, with sources noting that while there is flexibility where needed, being in the office makes it easier to learn from colleagues and ask questions. The office itself also received enthusiastic reviews, with trainees highlighting spacious offices, allocated desks, free breakfast and coffee and a recently expanded workspace complete with a terrace.

Pay

Data provided by firm and our annual trainee survey

"No one can complain about the salary – but you do put in the hours for it."

Milbank continues to sit at the very top of the London trainee salary market, recently increasing first-year pay to £70,000 and second-year salaries to £75,000. Unsurprisingly, interviewees had few complaints. As one trainee shared: "No one can complain about the salary – but you do put in the hours for it." Sources generally viewed the remuneration as an honest reflection of the pace, responsibility and expectations that come with working on the firm's market-leading finance matters.

Supervision and training

Training at Milbank was described as hands-on and largely built around learning on the job. There is some formal structure, including an initial HR training week, periodic training days and a leveraged finance boot camp, which trainees said they could revisit. Trainees attend 10 University of Law sessions throughout the training contract, a programme developed with the partners, the development managers and the trainees themselves. Sources also shared information relating to LEVRA, a virtual reality training programme covering human skills such as asking for feedback. LEVRA provides juniors with short, sharp interactive sessions of 15 or 20 minutes in which trainees get extensive feedback.

Where more leanly staffed teams leave busy lawyers short on time, classroom-style supervision could be harder to come by, but interviewees generally felt that supervisors and associates were invested in their development by providing regular feedback and scheduling in catch-ups. One trainee noted that their supervisor took the time to sit down and go through their work with them, providing helpful insights and ways to improve. More formally, juniors are provided with mid-seat and end-of-seat reviews. Several sources also highlighted approachable supervisors who made an effort to check in beyond the work itself, whether over coffee, lunch or a quick message when working from home. One trainee recalled a supervisor who was “super available to answer questions” and would go the extra mile to explain a concept by “standing in the office and drawing a diagram on the board.”

Pro bono & CSR

“Pro bono lets you try your hand at things you otherwise wouldn't do."

Pro bono is something Milbank insiders say the firm is making an even bigger priority in London. The firm recently appointed a dedicated pro bono counsel, helping to bring across the firm's long-established US emphasis on volunteering, and trainees say there are "lots of opportunities" to get involved. Everyone, including trainees, is expected to complete at least 25 hours of pro bono work each year, though many lawyers comfortably exceed that, with some recording 50, 80 or even 100 hours.

Regular emails advertise new projects, while a progress tracker and annual awards help keep pro bono firmly on people's radars. The work itself is varied too, ranging from amicus briefs for death row appeals, to unpaid wages litigation, to supporting veterans' organisations. Junior lawyers often get the chance to take on more responsibility than they might on billable matters, whether that's drafting documents, managing parts of a case or even getting involved in court work. As one trainee told us: “Pro bono lets you try your hand at things you otherwise wouldn't do."

Qualification

Qualification is a fairly straightforward process, with trainees submitting their two choices via a form similar to the seat-allocation process. Trainees felt that expectations could be more transparent but said the process itself was straightforward. Insiders also felt that they could see themselves remaining at the firm for a long time since they saw “quite a lot of opportunity to progress.”

A match-a made in heaven…

Milbank’s newly expanded London office now spans two and a half floors, with free breakfast and coffee available throughout the day, while those craving something fancier can splash out on a matcha. You can (Mil)bank on starting your day off right!