Milbank Tweed Hadley & McCloy London co-managing partner Julian Stait has named the firm’s white collar practice as a key area to expand after an office revenue increase of 3.5 per cent to £92m, The Lawyer has learned.
Milbank has increased its global revenue to $855m (£689m) in 2016, up 11 per cent from 2015′s figure of $771m (£621m). The London office contributed 13.3 per cent to the firm’s global revenue, with total revenue of $114m (£92m).
Stait told The Lawyer: “London remains the second biggest office in the global firm and continues to be one of the strongest performers. Strategically it remains absolutely core to the firms strategy and just as important as it has been in previous years.
Milbank has also increased global PEP to $3.2m (£2.51m) for 2016, up 12.8 per cent from 2015.
Stait plans to keep the growth streak going with continued investment in a number of practice groups including litigation, with lateral hires a definite prospect in the future.
“We are looking to grow a number of our practice groups, particularly in response to high levels and work and client demand,” Stait commented.
“We’re hoping to make some investments in litigation practice in the coming year, particularly in white collar, and corporate and finance teams but only if we can find suitable people right at the top end of their practices who are a cultural fit for the firm.”
Stait expects the growth of the firm to to be bigger in 2017, due to an expected increase in complex global deals, and global litigation and investigations.
“We will inevitably be larger than we are at the moment and positioned to continue the high levels of success we are seeing right now,” he said.
Last year, Milbank handed its London lawyers a massive salary boost, following the lead of the New York market.
It has confirmed that it will match Cravath’s salaries in New York, and has boosted pay for its London lawyers to match. The $180,000 salary for first-years in the US translates to around £124,000 for newly-qualified solicitors in London.
In the US, the firm has bulked up its real estate practice, hiring Allen & Overy (A&O) US senior partner Kevin O’Shea along with two real estate partners.