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Milbank
An elite US law firm recognised for its market-leading leveraged finance, restructuring, capital markets and international project finance practices.
About Milbank
Milbank is an international law firm founded in New York in 1866, with more than 1,000 lawyers operating across 11 offices in the Americas, Europe and Asia. The firm established its London office in 1979, developing a substantial presence in the City and becoming particularly recognised for its expertise in banking, leveraged finance, capital markets, restructuring and international projects. London is now Milbank's second-largest office, with more than 150 lawyers advising on transactions and disputes involving English and New York law. The firm's client base includes major investment banks, private equity sponsors, financial institutions and multinational corporations, with its lawyers regularly advising on sophisticated cross-border financing arrangements and infrastructure investments. Milbank distinguishes itself through its concentration on complex finance transactions, particularly those involving large acquisition financings, high-yield debt and international project development. Its relatively small trainee intake and specialist Leveraged Finance Training Contract Track provide an alternative to the broader training programmes offered by many international law firms.
Milbank recruits approximately 15–16 trainees annually into two distinct London training contract programmes: the Traditional Track and the Leveraged Finance Track. The Traditional Track follows a conventional two-year structure comprising four six-month seats, with opportunities to gain experience across corporate, finance, restructuring, litigation and other specialist practices. As the London office primarily handles transactional work, most available seats are concentrated in corporate and finance departments, while opportunities in litigation, tax and competition are more limited. Trainees can express their seat preferences, although allocations ultimately depend on business requirements. The Leveraged Finance Track is designed for candidates with a clear interest in acquisition finance and requires trainees to spend 12–18 months in the Leveraged Finance team, alongside at least one seat in another practice area. Both programmes offer direct exposure to complex client matters, with trainees working in small teams alongside partners and associates. Milbank does not currently offer international seats during the training contract, although qualified lawyers have previously undertaken secondments to New York, Germany and Singapore. Client secondments may also be available depending on business needs.
Milbank covers the full cost of the PGDL and SQE preparation programme at the University of Law, providing a £20,000 annual maintenance grant for future trainees undertaking their legal studies full-time. Future trainees receive regular contact from the firm's recruitment and professional development teams, including mentoring, progress updates and invitations to social events before joining. Once their training contract begins, trainees benefit from technical training, professional development workshops and opportunities to participate in pro bono matters, with the firm encouraging lawyers to contribute at least 25 hours annually. Additional benefits include 23 days of annual leave, private medical and dental insurance, life insurance, permanent health insurance and a season ticket loan. Milbank also operates its distinctive Milbank@Harvard professional development programme for more experienced lawyers, reflecting the firm's wider investment in long-term career development
Practice areas & rankings
In the 2026 edition of Chambers UK, Milbank received 11 practice area rankings and 24 ranked individual lawyers, demonstrating its established position in the UK finance and restructuring markets. The firm achieved Band 1 rankings for Leveraged Finance: Lenders: Big Ticket, Capital Markets: CLOs and Projects: Mainly International, alongside Band 2 recognition for Restructuring/Insolvency, Capital Markets: High-Yield Products, Asset Finance: Aviation Finance and Infrastructure. Its London leveraged finance team is particularly distinguished by its work advising major financial institutions on substantial acquisition financings, with partner Suhrud Mehta individually ranked Band 1. The firm's rankings also recognise its capabilities in international energy projects, real estate finance and technology-related commercial matters.
Milbank received four awards at the IFLR Europe Awards 2025, recognising its involvement in major international transactions. The firm won Equity Deal of the Year for its work advising on the privatisation and IPO of Athens International Airport, while its role advising Stegra on the development and financing of a hydrogen-powered green steel manufacturing facility in northern Sweden earned Project Finance Deal of the Year. Milbank also received an Impact Deal Award for its work on the Adler Group restructuring, and special counsel Kristine Kozicki was named Global Rising Star. These awards demonstrate the firm's involvement in significant cross-border capital markets, infrastructure and restructuring transactions.
Ranked departmentsChambers UK
Explore the practice areas
Leveraged finance is one of Milbank's defining strengths, with its London practice ranked Band 1 for Leveraged Finance: Lenders: Big Ticket in Chambers UK 2026. The team advises major investment banks, financial institutions and alternative lenders on complex acquisition financings, refinancing arrangements and leveraged transactions. Its work frequently involves financing substantial private equity acquisitions through combinations of syndicated loans, high-yield bonds and other debt instruments. Milbank's integrated English and New York law capabilities allow its lawyers to coordinate transactions involving multiple jurisdictions and sophisticated financing structures. The practice is particularly recognised for handling large, technically demanding transactions, with partners Suhrud Mehta, Sarbajeet Nag and Alexandra Grant individually recognised in the 2026 guide. The firm's specialist Leveraged Finance Training Contract Track also gives trainees an opportunity to develop concentrated expertise in this practice area.
Milbank's international projects practice is ranked Band 1 for Projects: Mainly International and Band 2 for Infrastructure in Chambers UK 2026. The team advises project sponsors, lenders, investors and developers on the financing and development of major infrastructure and energy projects worldwide. Its work spans renewable energy, transport, mining, power generation and industrial facilities, often involving complex financing structures and multiple regulatory jurisdictions. A notable example is Milbank's role advising Stegra on the development and financing of its hydrogen-powered green steel manufacturing facility in northern Sweden, which received Project Finance Deal of the Year at the IFLR Europe Awards 2025. The practice combines expertise in financing, construction and commercial contracts to support clients throughout the development and operation of major infrastructure assets.
Milbank's capital markets practice is ranked Band 1 for Capital Markets: CLOs and Band 2 for Capital Markets: High-Yield Products in Chambers UK 2026. The team advises financial institutions, issuers, investment managers and corporate borrowers on complex debt capital markets transactions, including collateralised loan obligations, high-yield bond offerings and structured financing arrangements. Its lawyers regularly work on cross-border transactions involving English and US securities law, particularly where capital markets financing supports leveraged acquisitions or corporate restructurings. The firm's experience also extends to equity capital markets, including its work on the privatisation and IPO of Athens International Airport, which received Equity Deal of the Year at the IFLR Europe Awards 2025.
Milbank's restructuring practice is ranked Band 2 for Restructuring/Insolvency in Chambers UK 2026, reflecting its expertise in complex financial restructurings involving distressed companies, creditors and investors. The team advises lenders, bondholders, corporate borrowers and financial sponsors on debt restructurings, insolvency proceedings and disputes arising from financial distress. Its lawyers regularly coordinate cross-border matters involving English and US law, including negotiations between creditor groups and the implementation of restructuring arrangements. Notable work includes advising an ad hoc group of senior lenders to Farfetch throughout its pre-pack administration, as well as involvement in the Adler Group restructuring, which received an Impact Deal Award at the IFLR Europe Awards 2025. Partner Yushan Ng is individually ranked Band 1 for restructuring and insolvency.
Milbank's aviation finance practice is ranked Band 2 for Asset Finance: Aviation Finance in Chambers UK 2026. The team advises aircraft lessors, airlines, banks and institutional investors on the financing, leasing and acquisition of commercial aircraft. Its work includes secured lending arrangements, portfolio financings, aircraft leasing transactions and the restructuring of aviation-related debt. These matters frequently involve complex cross-border structures, as aircraft may be owned, financed and operated through entities located in different jurisdictions. Milbank's wider expertise in capital markets and structured finance supports its aviation practice, particularly where clients require sophisticated financing solutions involving multiple lenders or investors. The team's international capabilities also allow it to advise clients operating across major aviation markets.
The application process
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Milbank recruits London trainees exclusively through its spring vacation schemes, offering both a Traditional Track and a specialist Leveraged Finance Track. Candidates must select their preferred training contract route when applying. The Traditional Track is intended for applicants seeking experience across different commercial practice areas, while the Leveraged Finance Track is designed for candidates with a clear commitment to pursuing a career in acquisition finance. The firm welcomes applications from penultimate-year law students, final-year students from all degree disciplines, graduates, postgraduates and career changers. Applicants are assessed using Rare's Contextual Recruitment System, which considers academic achievements alongside educational and socioeconomic circumstances. The application process begins with an online form submitted through Milbank's AllHires recruitment portal. Candidates must select either the Traditional Track or the Leveraged Finance Track and indicate which spring vacation scheme they wish to attend. The firm uses the application to understand candidates' motivations, relevant experiences and reasons for wanting to join Milbank. Applicants should demonstrate an understanding of the firm's London practice, particularly its work in leveraged finance, capital markets and international transactions, while explaining how their experiences demonstrate intellectual curiosity, problem-solving abilities and interpersonal skills. Those applying for the Leveraged Finance Track should provide a particularly convincing explanation of their interest in acquisition finance, as the firm requires candidates to commit to this route at the initial application stage. Milbank expressly asks applicants not to use AI-generated content during the application or assessment process, emphasising the importance of presenting genuine experiences and motivations in their own words.
How to answer why youMilbank: quick answers
How much does Milbank pay trainees?
Milbank pays first-year trainees £70,000, rising to £75,000 in the second year. Newly qualified solicitors at Milbank earn £175,000.
How many trainees does Milbank take on?
Milbank takes on around 15 trainees in each intake, so places are competitive and strong applications matter.
What tests does Milbank use in its applications?
Candidates who progress beyond the written application are required to complete an online assessment. Milbank's recruitment information confirms that online testing forms part of its vacation scheme selection process, although the firm has not publicly specified the assessment provider, duration or precise question types for the 2026/27 recruitment cycle. Applicants should therefore avoid assuming that the test follows the Watson Glaser format or consists exclusively of numerical or verbal reasoning questions. The assessment provides an additional opportunity for the firm to evaluate candidates before inviting them to interviews and the assessment centre. Candidates should carefully review the instructions provided with their invitation, particularly any information about preparation time, deadlines and whether the assessment must be completed in one sitting.
What grades do you need to apply to Milbank?
To apply to Milbank you will generally need a 2:1+ degree. Requirements can flex where there are mitigating circumstances, so always check the firm's own criteria if your grades differ.
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