New York-based firm Milbank Tweed Hadley & McCloy is expanding in Europe as it announces plans to open an office in Frankfurt.`The office, which will open this summer, is only the firm's second in Europe following the opening of its London office in 1979. Two US partners will head the office and they will be joined by six associates.`Recruitment, however, will begin immediately, and the office is expected to grow quickly through a mixture of lateral hires and relocations.`The Frankfurt office will operate as a finance firm, advising on leveraged buyouts (LBOs) and complex cross-border deals, including securitisations and project finance. It is being opened in response to the demands of banking clients.`"The general counsel of our key clients have told us we should have been there yesterday," said London managing partner Phil Fletcher.`Milbank recently advised Goldman Sachs Private Equity in a £1bn LBO of German gases group Messer Griesheim. The deal was the biggest high-yield issue by a European industrial company, and more LBO and acquisition finance work is expected to come out of Germany in the future. "We need to be able to execute these deals," said Fletcher.`Milbank has a number of high-profile investment banking clients; the Frankfurt office aims to advise its traditional clients, which include Deutsche Bank and KFW. It has defined its international strategy as focusing on the finance arena in global financial centres.`The firm already has offices in Hong Kong, Singapore and Tokyo.`Fletcher said there are no plans for further European expansion.