As attorneys, so much of our work is dealing with long, complicated contracts and having a tangible asset to connect with the provisions and numbers makes it that much easier to understand the documents and financials as a junior. Legislation also shapes our practice. An attorney who is not complacent is most likely to be successful with this type of adaptive work. Submissions process. partner Alex Lees. New York's top law firms - Chambers Associate There is talk of a recession coming up and the economys not doing as well, but Milbank is a financially cautious firm and I'm confident that there will be no issues. Bonuses at Milbank are lockstep and awarded to associates on the basis that they are in good standing. Those aircraft still require financing and satellites still need to be launched. A significant part of our practice involves cross-border matters, where associates might also be tasked with coordinating the work of local counsel in multiple jurisdictions and working with them to understand and address jurisdiction-specific challenges. To name a few: Although law school helps to teach a young lawyer how to think, a project finance attorney trains on the job, and the learning curve is steep but exhilarating. When they get us all into a room, Im surprised at how easy it is for everyone to make each other laugh. a junior associate. Due to government incentives over the past ten years, there has been an explosion of renewable energy projects, and we have developed one of the most prominent renewable energy practices in the world, including massive utility-scale solar projects in the desert that are so large that they can be seen from space, $20 billion dollar offshore wind projects, and utility scale battery projects that can provide power charged by renewable energy when the wind isnt blowing and the sun isnt shining. Associate Development As Milbank lawyers, we dive in, test our limits, and expand our knowledgeevery day. Part of this work involves envisioning what the world will look like and acknowledging that the work we do today as lawyers will be different than the, and any other immediate events that arise. The opportunity to interact with people from a diversity of backgrounds, countries and languages makes our work that much more engaging and fulfilling. Whats more, this reputation has been honed with a relatively modest domestic offering consisting of three offices in New York, DC, and LA. Given the smaller deal teams,junior associates have a wide latitude of responsibilities, from taking first cuts at drafting documents to leading calls with clients and helping manage closings. Milbank Named a "Leading Firm" in 2017 Chambers Survey of Associate Also, despite the current and imminent circumstances, and satellites are fundamental to the worlds progress. Drew S Fine, USA | Chambers Profiles Since our team is tight-knit, partners, senior associates and mid-level associates are often working together on the same deal. This program is complemented by two others - Advocacy@Milbank for . Global corporate M&A clients: Apollo Global Management, Blackstone. We once were even involved in the construction and financing of the worlds largest cheese factory! That's been core to our ethos since our founding in 1866. The market is constantly evolving in the transportation and space sectors, particularly in the areas of telecom and satellites. This type of issue is equally true for. Conversely, when the price of natural gas is low, we see larger numbers of projects that need cheap natural gas, such as gas-fired power plants, petrochemical facilities and liquefied natural gas export terminals, where natural gas is super-cooled to allow it to be loaded onto massive ships and sent around the world. Project finance attracts people who are interested in international work, who may have some language skills (although I dont! DM: In law school the only relevant course for our practice (probably) is secured transactions, so you should take that, but otherwise in your search for firms make sure you are looking at the firms with top project finance practices, but also ones with a diverse practice just in case you find out that your interests are elsewhere. We arent limited to one type of transaction: we can handle a merger and acquisition transaction or a capital markets transaction, or a bankruptcy or a financing, You get to see the aircraft, or the railcars or the ships you have helped finance, or you could get to watch a satellite launch.. Choosing a practice area . By clicking, I acceptcookies, you agree to our use of cookies. Our group at Milbank is great at giving junior-level associates the ability to take leadership roles. The majority of the associates on our list were based in the New York HQ, but there were a handful spread across the DC and LA offices as well. to the team by staying organized and on top of all documents and responsibilities. he current market shifts pose a particular challenge for the space, satellite projects tend to be on longer project timelines. partner Sean Solis, "Consider how your personal and professional experiences have gotten you to this moment in time, and how those experiences make you the right fit for Milbank." FM:Partners are more involved in the beginning stages of marketing and structuring transactions, often leading the associates who are working on those aspects of the transaction. We dont just deal in paper, however. The surveys highlighted the firms huge civil rights class actions and a lot of work for the Legal Aid Society of New York, with everyone working on a pretty big pro bono case. Associates remarked on Milbanks work for organizations like Her Justice and Start Small Think Big, which helps small businesses, commenting positively on their time spent helping a nonprofit change its name and drafting up bylaws and writing up memos for public policy matters. The surveys also noted that associates were impressed by the firms two dedicated pro bono attorneys who proactively pitched projects to us and asked if [we] wanted to do something in particular. DM: Partners usually lead a team involving a senior and/or mid-level associate, and a junior. But outside of this immediate market snapshot and the new challenges posed by it, the transportation and space sectors are still thinking about issues that were previously top of mind. During Pride month, flags were given out as well., Theres a big commitment to those who are taking parental leave., There has been a big push with diversity, but theyre still trying to figure out a formula that works, an associate commented. Kirkland & Ellis is global law firm with more than 3,500 attorneys representing clients in private equity, M&A and other complex corporate transactions, litigation and dispute resolution/arbitration, restructuring, and intellectual property matters. still require financing and satellites still need to be launched. As a result of that cross-border exposure, we end up learning not only about New York law and law in the United States, but also about international and region-specific law. Litigation clients: Bloomberry Resorts and Hotels, AXA Equitable Life Insurance, and Lincoln National Corporation. Satellites can be costly, and they are often heavily customized products with a long production process. and vessels: production of assets takes time, even when the economy is changing quickly. Read more about Milbank's pro bono work on juvenile life without parole cases. Everyone is hard-working and nice, and I recently got to go to a happy hour and a diversity dinner., I really like how Milbank takes the lead on compensation in the market., From our perspective, it wouldnt matter even if there was a billable minimum we needed to hit, as wed be busy enough to bill at or around it, an associate told us. We regularly work on infrastructure projects around the world, and often in less developed economies, as those are often the places where additional infrastructure is most needed. It is a very exciting time to be a projects lawyer practicing in renewable energy. The latest on trends affecting the industry, as well as all the metrics and rankings to help you shortlist firms. collaboration but makes the transaction experience more enjoyable. partner Sean Solis. For example, it upped the stakes in 2018 when it raised the bar for base salaries (forcing other firms to dig deeper into their pockets to compete), then moved into the uber cool Hudson Yards development, making the downtown NY financial district crowd look decidedly old school. Since aircraft financing work is so specialized, people working in this area form a type of close-knit community.. Recruitment outside OCIs:Our diversity fellowship program hires exceptionally talented 1L students for the Los Angeles and New York offices and we begin accepting applications for the following summer on December 1st. It is also such an interesting part of the practice to see how different cultures interact and negotiate with each other often its our role as lawyers in the middle to bring those parties together. We use cookies on this website to improve the user experience. ", "It is a very exciting time to be a projects lawyer practicing in renewable energy. To be new, declares Lees, while explaining that Milbank takes an opportunistic and flexible approach to growth: We just want to keep utilizing our reputation to take up opportunities as and when they present themselves. This is especially true when it comes to opportunistic lateral hires that match areas Milbank has earmarked for expansion. Alexandra Johnson, partner:Our practice group allows young lawyers to gain a lot of experience and handle numerous responsibilities early on in their careers because of the varied types of transactions that we work on. Practice areas Transportation and space - Milbank Ever wondered what it might be like to help launch a constellation of satellites? You can never look at someones resume and say, thats a Milbank person, but you can tell pretty quickly within five minutes of being in a lunch with them whether they fit. GS: For junior associates, you add great value to the team by staying organized and on top of all documents and responsibilities. We are prepared for all cycles that our industry goes through. Remember youre entering a law firm that is the crme de la crme where people are proud of their work and the standards they uphold., the culture is slowly moving back to what it used to be before the pandemic., That may sound a little intense, but sources were keen to emphasize that the culture of the firm is communal firm socials are important and Milbank tries its best to be collegial with mixers and diversity programs that provide a great opportunity to meet and hang out with your colleagues. The firms recruiters reportedly do a good job of figuring out the personalities that will fit in well here we're a bunch of friendly people. Indeed, if someone is difficult, it will be noticed and acted on to ensure harmony among the team and there arent a lot of those people anyway! This interviewee concluded that the the culture is slowly moving back to what it used to be before the pandemic. It offers a healthy combination of old and new, partner Alex Lees reflects, adding: Its a firm with a long history and deep roots in Wall Street, but Milbank gives the sense of being something new and on an upward trajectory. Milbank has certainly had an image revamp in recent years, shedding any lingering associations with white-shoe firm fustiness and ushering in a slick, modern era from its digs in the trendy Hudson Yards complex in Midtown Manhattan. Nearly 100% of summer associates return as junior associates. Summer Associate Milbank LLP May 2022 - Jul 2022 3 months. ), and who have some interest also in infrastructure, development and energy these are things to stress when you are interviewing. One key factor is the price of commodities. They give us the inside track on their careers, their daily lives, the high and the lows of their jobs, and the stories driving their sectors. skills is important, as is being able to keep track of multiple workstreams. As. Everyone in our group gets that exposure at an early stage in their practice, and. DF:Our clients, similar to Amazon, are financing constellations of satellites to boost connectivity and further support their business goals. You have free rein to do whatever you want, especially juniors. Milbanks top marks in the Quality of Life category reflect the firms commitment to fostering a culture that enables everyone to be at their best through numerous well-being programs, employee engagement opportunities, flexible schedules and more. So, our job requires figuring out how to help keep those assets moving because the world relies on them more than ever before. We are a very diverse practice group and in order to stay nimble and flexible regardless of what the economy is doing we practice in a wide variety of industries. Currently, commodities are rising again. Chambers Associate. Submissions. Biglaw Firm Hands Out Raises -- For Some Associates It is also important for the associate to be eager to learn on the job and face new challenges frequently and early on. Milbank LLP, USA 2023 | Chambers Profiles You should be the eyes and ears of the deal team so that the senior associate or partner can rely on you to ensure the deal runs smoothly and closes on time. Professional development is fundamental to the program, and our comprehensive summer-long training program follows a companys lifecycle from inception to restructuring. Summer program components:Milbanks summer program is a microcosm of life at the firm. University of Chile, School of Law, Law and Economics Associate Professor 1996; Hiroshima University, Faculty of Law, Guest Researcher 1990-1994; Working in this group means that we get exposure to tax issues, capital market issues and treaties, as well as so many different areas of law and areas of practice. A junior associate involved in this process told us: We take callback interviewees out to lunch after their formal interview for another informal interview to make sure theyre normal people! Associates learn a lot of what they need to know on the job, so its not unusual for associates to be taking the lead on calls or meetings whether its leading negotiations for more senior associates or running a checklist call for more junior associates. Project finance attracts people who are interested in international work, who may have some language skills (although I dont! . While commercial bank debt was traditionally the main source of financing in this market (and continues to play a major role), we are seeing the increased involvement of institutional investors seeking long-term, low-risk, fixed-income products to match the long-term nature of their liabilities. We also oversee workloads, making sure everyone is handling tasks that are. While commercial bank debt was traditionally the main source of financing in this market (and continues to play a major role), we are seeing the increased involvement of institutional investors seeking long-term, low-risk, fixed-income products to match the long-term nature of their liabilities. Although we work specifically on transportation and space assets, our practice area is truly dynamic due to all the different types of transactions and deals that we work on. "Milbank cares a lot about training," a source pointed out, with many mentioning the firm's highly regarded Milbank@Harvard program; this allows associates in their third, fourth and fifth years to attend Harvard for a week each year to brush up on the latest business and legal know-how to turn them into market experts. their level of experience. These range from power projects powered by conventional means, like natural gas, to a cutting-edge renewables practice where we regularly work on a wide range of wind, solar and biomass power plants. I was surprised by how open it was. Another source underscored that the affinity groups host dinners and there are always events! Satellites can be costly, and they are often heavily customized products with a long production process. While partners bring specific experiences and skills to the table, partners and associates work together to service the transaction and make sure the clients needs are being met. A great piece of advice forjunior associates is to be proactive, not reactive; your ability to independentlyidentify next steps is a big contribution to the team. There are so many opportunities to see and appreciate the tangible assets that you work with in this industry. You can take a photo of the. These opportunities allow junior associates to learn very quickly and begin to develop strong skills and knowledge of this industry and the wide array of transactions we work on. Technological innovation, tax subsidies, consumer demand and evolving clean energy standards have been major drivers in the market. Good relationship-building skills are also vital to our work. A lot of the men are taking parental leave, which makes it not just a womans thing. A highlight for this source was that the firm encourages flexibility for mothers, which allows them to be working moms and increases their opportunity to be badass partners in the ranks!. Research Schedule. There is no better way to learn project finance than by practicing it, and first-year associates are not expected to have a working knowledge of the field before joining the group. These range from power projects powered by conventional means, like natural gas, to a cutting-edge renewables practice where we regularly work on a wide range of wind, solar and biomass power plants. Occasionally, we also are asked to apply project finance principles to other industries such as the construction of new satellite constellations, massive data centers to power the servers used by companies such as Amazon and Google, and huge semi-conductor factories being constructed in the US now to have a domestic source of computer chips. Partners are also entrepreneurial in our practice group, and often lead the charge on client development whether its putting together pitches for new work or socializing or meeting with clients outside the office but we usually always involve associates in those activities. Every transaction that we work on involves multiple countries. One key factor is the price of commodities. America's Best Law Firms: The Student's Guide, Becoming a project finance lawyer the view from Milbank, Project finance involves the development and financing of infrastructure, Our clients are very diverse, ranging from international organizations like the World Bank, government institutions like. Milbank cares a lot about training, a source pointed out, with many mentioning the firms highly regarded Milbank@Harvard program; this allows associates in their third, fourth and fifth years to attend Harvard for a week each year to brush up on the latest business and legal know-how to turn them into market experts. Recognized for its international capability, acting for large financial institutions and other household names. Milbank LLP'S Post Milbank LLP 31,530 followers 9mo Report this post . Take a deeper dive into what the legal hubs of the US have to offer. We also oversee workloads, making sure everyone is handling tasks that are appropriate to their level of experience. Exposure to pro bono service at Milbank starts in year one, enabling junior lawyers to gain experience working side-by-side with all levels of colleagues. TF: It is a very exciting time to be a projects lawyer practicing in renewable energy. DM: Although law school helps to teach a young lawyer how to think, a project finance attorney trains on the job, and the learning curve is steep but exhilarating. Transportation is so integral to the world and how it, one of the largest industries across the globe. View all lawyers Scott Edelman Partner sedelman@milbank.com New York +1 212.530.5149 Daniel Michalchuk . Advised a consortium of lenders, including Banco Santander and Bank of Montreal, on a $650 million financing facility for Apex Clean Energy Holdings to use on a number of renewable energy projects across the US. a truly collaborative effort, and this collaboration allows us to see how colleagues who are more senior and experienced, handle their work. The international part of project finance is another reason why its such an interesting discipline. Opportunities arent just limited to local areas: I speak multiple languages and I was doing an international pro bono matter where my language skills were a plus and the client had a similar background., Newbies found Milbanks affinity groups consisting of Women@Milbank, Pride: LBGTQ+, LaMano (Latinx Attorney Mentoring & Networking Organization), APIN (Asian Pacific Islander Network), aADAM (Attorneys of African Descent at Milbank), and PAG (the Parents' Affinity Group) to be a useful resource at the firm: My affinity group provided great support during COVID and gave me a platform to voice my concerns from daily life. In the summer class of 2021, nearly 40% come from the top ten law schools. Vault's 2024 Rankings are derived from Vault's Annual Associate Survey conducted from January 2023 through March 2023. New energy transition technologies are now a key part of our growing practice as well, including hydrogen and carbon capture projects, all driven by government incentives such as the recently passed Inflation Reduction Act. Additionally, due to the war in Ukraine, there has been an increased focus on developing new LNG import terminals in Europe (and export terminals in the United States) to reduce Europes reliance on Russian natural gas. an extremely helpful reference point for learning to do this specific type of work yourself. Or fly in an aircraft you've helped to finance? Our partners are typically hands-on, but delegate responsibility to associates depending on the associates experience level. Another real highlight is how truly international this practice is. Additionally, SparkSpread puts out daily blasts that highlight some of the bigger deals and players in energy finance. As part of a Q&A with Chambers Associate, a legal career guide developed for junior attorneys, Milbank partner and Executive Committee member Atara Miller, Pro Bono Counsel Anthony Perez Cassino, partners Grant Mainland and Alex Romain, and associates Katherine Fell and Kingdar Prussien discussed the firm's longstanding history of public service. Were given a list of criteria that the firms looking for: do they work well in teams? Milbank LLP London Office. New Coquimbo Region, Chile jobs added daily. CA: Where can new associates expect to be in five years? So we thought it would be helpful to split up our satisfaction survey into firm types. The work ethic at Milbank was flagged as something that underpinned the culture: People are fiercely good at their jobs, and I feel that Im constantly learning from them and seeing how they think. In the current market, where things have shifted rapidly, clients may still be focused on finding financing for a longer-term satellite project that will be ready in a couple of years, but they are searching for financing in a market that is reacting to more immediate events. We also do some corporate governance work where youre making sure a company is doing what it should from a legal standpoint as well as some renewables deals that we get from the project finance department, a source added. DM: We are a very diverse practice group and in order to stay nimble and flexible regardless of what the economy is doing we practice in a wide variety of industries. Theres no cap on the amount of pro bono associates can do and it all counts as billable. Gabriel Selting, associate:As a junior associate, we handle the typical type of work involved with transactional practices including organizing documents, incorporating comments and diligence, which for our group mainly involves reviewing aircraft information and leases. We are also advocates, even though were not litigators. ". Another commented that while some might like the structure and simplicity of having a concrete billing target, they liked how the absence of a strict number allows me to be more focused on incorporating pro bono, business development, and mentoring into my time. Milbank associates certainly spend a significant amount of time billing, however: The standard amount is about 40 billable hours a week, but Ive been working on something in the last couple of weeks that has taken me to 60 to 70 working hours a week.