Milbank’s revenues surge 23% to £1.5 billion

PEP rises by 33%

Milbank has announced its 2024 financial results, revealing impressive growth across the board.

Figures show that revenue at the US heavyweight rose by 23% to $1.86 billion (£1.5 billion). This significant increase came as a result of a whopping 15.2% growth in revenue per lawyer, despite the firm’s 6.6% increase in total lawyer head count last year.

These results spell good news for the firm’s partnership as profits per equity partner reached a whopping $6.8 million (over £5.5 million) after a 33% surge. Net income for equity partners grew by an impressive 36.5% to $1.16 billion.

Speaking to the American Lawyer, Milbank chair Scott Edelman commented on the firm’s impressive performance:

“Every office did well, and every practice group did well. Our strategy of focusing on excellence in lawyering and being in practices where we sit at the top of the market is what caused us to have significant demand across the whole firm.”

Edelman went on to speak about top compensation for junior lawyers as a core part of Milbank’s strategy. “We are seeing the very best students competing to come here,” he said. “This helps us now but also in the future. We are focused on recruiting the very best, investing in them, and training and retaining them. It has become more and more competitive to get a job here. But the people who make it are superb.”

Milbank sits comfortably among the top payers in the London market, with newly qualified lawyers receiving salaries of £170,455, and has recently attracted attention for its generous Christmas bonuses. The firm recruits up to 8 trainees in London each year.