In a year marked by widespread salary hikes within prominent U.S. law firms, Milbank stands out as a trailblazer, revealing substantial double-digit increases in both revenue and profitability for 2023. The firm proudly announced a remarkable 17.8% surge in gross revenue, reaching an unprecedented $1.51 billion—a historic milestone in its financial trajectory. Average profits per equity partner witnessed an impressive 18.6% ascent, culminating at an outstanding $5.1 million.
Of noteworthy mention is the stellar performance of Milbank’s London office, contributing significantly to the firm’s success. The office reported a robust 9.7% growth, grossing an impressive $233.8 million in the past year, showcasing Milbank’s global influence and market resilience.
Milbank’s strategic move to elevate first-year associate salaries from $215,000 to $225,000, with corresponding increases for successive class years, created ripples in the legal landscape. The firm later aligned its top-end associate salary at $435,000, mirroring industry leaders like Cravath, Swaine & Moore and other key players.
Bolstering its position, Milbank attracted attention through strategic hires in 2023, including the acquisition of the co-head of Dechert’s private equity practice and a structured finance team from King & Spalding. These strategic moves underscore Milbank’s commitment to talent acquisition and consolidation of expertise.
Earning the 37th spot on The American Lawyer’s prestigious ranking of highest-grossing U.S. law firms further solidifies Milbank’s standing in the legal industry. As the firm charts an upward trajectory, its 2023 achievements mark a testament to resilience, strategic decision-making, and sustained growth in a dynamic legal landscape.
