Runs alongside US outfit’s traditional pathway
The London office of US law firm Milbank has introduced a new training pathway designed for aspiring lawyers aiming to specialise in leveraged finance (LevFin).
The new pathway is “exclusively reserved” for those who have a “clear and committed interest” in LevFin and runs alongside the firm’s traditional training contract, according to its graduate recruitment website.
For those unfamiliar with the term, LevFin is the process by which a company borrows funds, often through loans or bonds, to increase the potential return on an investment, such as through acquisitions, expansions, or restructuring.
Trainees will spend 12–18 months with our LevFin team in London, followed by at least one seat in another practice area, with the ultimate goal of qualifying into Milbank’s LevFin group. Successful candidates are required to have completed a vacation scheme with the firm.
The Legal Cheek Firms Most List 2025 shows Milbank recruits approximately eight UK trainees annually, offering a recently improved starting salary of £65,000 in the first year, increasing to £70,000 in the second year. Upon qualification, junior lawyers earn an impressive £170,455.
“Much like the general training contract, there is no set pattern or specific backgrounds for candidates applying for the LevFin training contract,” said Milbank partner Sarbajeet Nag. “However, an interest in finance is fundamental, along with a desire to practise commercial law in a diverse environment, working alongside and learning from some of the leading practitioners in the industry.”
This isn’t the first time a firm has developed a training contract programme focused on a specific practice area. Several years ago, BCLP introduced specialised routes in financial services and real estate, alongside its traditional pathway. Meanwhile, other firms have introduced tech-focused routes, with some adding innovation seats to their existing programmes.
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