In news that will shock absolutely no one, Milbank absolutely killed it in 2024, hitting record financial results across the board. As noted by the American Lawyer, the firm posted some pretty unbelievable gains in gross revenue, profits per equity partner, and revenue per lawyer. Here are some additional details on Milbank’s money moves:
The firm hit new highs, including a 23% rise in revenue to $1.86 billion, a 33% surge in average profits per equity partner to $6.8 million, and 36.5% growth in net income for equity partners to $1.16 billion.
Even as Milbank’s total lawyer head count grew by 6.6%, the firm’s revenue per lawyer jumped up by 15.2% to $1.91 million.
The total partnership also grew. The equity tier had roughly four more partners, rising to 170 lawyers, while the nonequity tier expanded by three more partners, to 42. The firm’s average compensation for all partners was up 26% to about $5.46 million.
In an interview with Am Law, Scott Edelman, Milbank’s chair, spoke of what drove the firm’s performance last year, saying, “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.”
Milbank of course attracted a lot of attention when it led the market on special bonuses, and Edelman noted that the firm is now reaping the rewards of being a compensation leader. “The market and law student community has recognized what the firm has done and 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.”
After posting such strong numbers for 2024, will there be yet another salary increase led by Milbank at the end of the year? The last time Milbank set off a salary war was in 2023, and we’re not yet sure what the future may hold for Biglaw compensation, but we’ll be there to cover the exciting news if and when it happens.
Milbank’s Revenue and Profits Surge Following Demand Increases Across the Board [American Lawyer]
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Bluesky, X/Twitter, and Threads, or connect with her on LinkedIn.
The post Milbank Spread The Wealth Through Special Bonuses Because 2024 Was Yet Another Record Financial Year For The Firm appeared first on Above the Law.
In news that will shock absolutely no one, Milbank absolutely killed it in 2024, hitting record financial results across the board. As noted by the American Lawyer, the firm posted some pretty unbelievable gains in gross revenue, profits per equity partner, and revenue per lawyer. Here are some additional details on Milbank’s money moves:
The firm hit new highs, including a 23% rise in revenue to $1.86 billion, a 33% surge in average profits per equity partner to $6.8 million, and 36.5% growth in net income for equity partners to $1.16 billion.
Even as Milbank’s total lawyer head count grew by 6.6%, the firm’s revenue per lawyer jumped up by 15.2% to $1.91 million.
The total partnership also grew. The equity tier had roughly four more partners, rising to 170 lawyers, while the nonequity tier expanded by three more partners, to 42. The firm’s average compensation for all partners was up 26% to about $5.46 million.
In an interview with Am Law, Scott Edelman, Milbank’s chair, spoke of what drove the firm’s performance last year, saying, “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.”
Milbank of course attracted a lot of attention when it led the market on special bonuses, and Edelman noted that the firm is now reaping the rewards of being a compensation leader. “The market and law student community has recognized what the firm has done and 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.”
After posting such strong numbers for 2024, will there be yet another salary increase led by Milbank at the end of the year? The last time Milbank set off a salary war was in 2023, and we’re not yet sure what the future may hold for Biglaw compensation, but we’ll be there to cover the exciting news if and when it happens.
Milbank’s Revenue and Profits Surge Following Demand Increases Across the Board [American Lawyer]
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Bluesky, X/Twitter, and Threads, or connect with her on LinkedIn.
