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.