 |
||
|
|
||
| |||||||||||
Milbank, Tweed, Hadley & McCloy LLP has been a player on Wall Street since 1866, the year of its founding. Early clients included John D. Rockefeller (Junior and Senior) and various railroad barons. Milbank has since seemingly been at the forefront of every legal trend, from Depression-related issues in the late 1920s and 1930s, to helping financial clients set up investment and hedge fund mechanisms in the 1960s, 1970s and 1980s, to capitalizing on the growth of international business and finance and technology transactions in the 1990s. Today Milbank's project finance practice is considered one of the finest in the world. Milbank Tweed also boasts a strong international presence with offices in Tokyo, Hong Kong, London, Moscow, and Singapore. Welcome to Milbank Milbank has grown by more than 30 lawyers since 1999, including several notable lateral hires. In 1999 Milbank bolstered its bankruptcy practice by recruiting the former head of Kirkland & Ellis' bankruptcy group, Luc Despins. In February 2000, Milbank energized its Washington power and energy group by attracting of counsel Steven Kramer from Fulbright & Jaworski. In April 2000, Milbank snagged trusts and estates lawyer Hugh Jacobson from the disintegrating New Jersey firm Friedman Siegelbaum. The firm also made former Securities and Exchange Commission branch chief Orlan Johnson of counsel in November 1999. But Milbank has lost a few lawyers, too - real estate partners Mark Edelstein and John McCarthy left for Morrison & Foerster in 1999. Oil financing and metal mergers Milbank is perhaps best known for its project finance practice - and our insiders agree that it's a top area of the firm. The practice "is a very good place to work for a young associate. You get a lot of experience quickly," one associate reports. Drawing on its peerless expertise in transportation finance, Milbank represented Salomon Smith Barney and Lehman Brothers as lead underwriters in the 1999 aircraft lease derivative offering of $1.1 billion of enhanced equipment notes offered by AIR 2 US, a new Cayman Islands company. Milbank has a top-notch mergers and acquisition reputation as well. Milbank lawyers took part in creating the world's largest aluminum producer. The firm advised Canada's Alcan Aluminum on the $9.2 billion three-way merger with French aluminum company Pechiney and the packaging division of Switzerland's Alusuisse Lonza Group announced in August 1999. Milbank lawyers Donald Brant Jr., Mark Weissler, Robert Reder, Michael Goroff, William Jackson, Dale Ponikvar, Charles Westland, Brian O'Donoghue and Thomas Brenner worked on the deal. Top technology practice Milbank's technology transactions group has handled technology outsourcing deals, including a $40 billion contract between Electronic Data Systems and General Motors. In 1998 Milbank Tweed negotiated and structured on behalf of AT&T two outsourcing contracts with IBM valued at $4 billion each. The firm also served as underwriters' counsel in offerings of nearly $2 billion in bonds to help finance the Iridium global satellite project sponsored by Motorola. In late 1998, Milbank represented Nippon Telegraph & Telephone, the world's largest telephone company, in its $8 billion global share offering and in the $18.4 billion global share offering by NTT DoCoMo, its affiliated mobile telephone company (which was the largest equity offering ever at the time). A bright and bankrupt future The addition of Luc Despins has helped the bankruptcy group's resurgence. Despins represented a committee of ICO Global Communications bondholders when that company entered Chapter 11 bankruptcy. The committee began negotiations in November 1999 with cellular phone pioneer Craig McCaw. The hyperambitious McCaw plans to take over ICO Global and, by raising $1.2 billion, make ICO solvent again. McCaw needed to show the committee the merits of his plan in order to gain approval of the bankruptcy courts in Delaware, the Cayman Islands and Bermuda without any interference from the bondholders. GETTING HIRED Looking beyond the top tier "Milbank is looking for people who have a lot of drive and are comfortable dealing with people," according to firm chairman Mel Immergut. Associates report that the firm has been responding to the tight job market by reaching out to elite students outside of the nation's top ten law schools. "I wholeheartedly agree with this approach, rather than taking anyone with a pulse from NYU or Columbia," reports one associate. A corporate attorney advises that those who are not hired from a top-tier law school tend to have the magic words "law review" on their resum?. Mellow first rounds Milbank's first round of interviews takes place on campus. A partner or associate conducts interviews. "Getting through the interview is not brain surgery," relates one un-operated-on associate. Some Milbank associates report that they discussed subjects unrelated to law during interviews, such as cultural events in New York City. Six interviews take place in the callback round, half with associates, the others with partners. Candidates may also be sent to lunch with one or two associates. "They try to get a sense of the kind of law you're interested in and, if you show interest in the overseas offices, you'll probably talk a lot about that too." One interviewee says that her Milbank interviewers even presented her with a few hypothetical situations and asked how she would handle them and arrive at a legal conclusion. Insiders disclose that Milbank inquisitors seek answers that show maturity, logic, and an even temperament.
Looking beyond the top tier "Milbank is looking for people who have a lot of drive and are comfortable dealing with people," according to firm chairman Mel Immergut. Associates report that the firm has been responding to the tight job market by reaching out to elite students outside of the nation's top ten law schools. "I wholeheartedly agree with this approach, rather than taking anyone with a pulse from NYU or Columbia," reports one associate. A corporate attorney advises that those who are not hired from a top-tier law school tend to have the magic words "law review" on their resume. Mellow first rounds Milbank's first round of interviews takes place on campus. A partner or associate conducts interviews. "Getting through the interview is not brain surgery," relates one un-operated-on associate. Some Milbank associates report that they discussed subjects unrelated to law during interviews, such as cultural events in New York City. Six interviews take place in the callback round, half with associates, the others with partners. Candidates may also be sent to lunch with one or two associates. "They try to get a sense of the kind of law you're interested in and, if you show interest in the overseas offices, you'll probably talk a lot about that too." One interviewee says that her Milbank interviewers even presented her with a few hypothetical situations and asked how she would handle them and arrive at a legal conclusion. Insiders disclose that Milbank inquisitors seek answers that show maturity, logic, and an even temperament.
Perhaps I'll stay a while Sources tell Vault.com that Milbank is "still a white-shoe firm in many ways but is starting to loosen up." Many associates say "work is all that matters" at Milbank and suggest that the firm "has become financially driven, bottom line oriented in the last several years." That bottom line may be that Milbank is a firm in transition. Many Milbank lawyers report they enjoy their work and their colleagues. One attorney is even considering prolonging his stint with the firm. "I have operated under the assumption that I would not be here forever, but I'm not sure why I've always assumed that. Recently I have found myself wondering what it would be like to stay and try to become partner," he says in a display of affection and faith startling for a modern-day law firm. Associates put in their share of hours but many keep a realistic outlook about it. "Working hard is never as much fun as being at the beach, but we have good work with lots of opportunity." Bonus watch Milbank has kept up with the 2000 salary race. Most associates claim to be pleased with their new salaries, though others express concern about the amount of their bonus. Insiders say the firm is waiting to see how much its peer firms will pay out in annual bonuses. "There is no firm commitment on year-end bonuses but conventional wisdom says the firm will track the market," reports a second-year lawyer. Milbank provides a lockstep bonus by class year. Milbank boot camp Most associates give the formal training programs at Milbank high marks. Before beginning at Milbank, first-years attend a week-long off-site program. "The week-long training session before starting was very helpful, although it was a little like bootcamp since it was six long days of lectures and analysis," a junior associate reports. Most attorneys feel that Milbank's informal training is very effective. "The training is good and the partners seem to be genuinely concerned with making you a better lawyer." "There is a great deal of formal training but I find the informal training in the form of feedback from partners to be the best training," says another lawyer. But one third-year suggested that "it would help to have a more hands-on experience with clients before one reaches senior associate status." Thanks for all your support Insiders are satisfied with most of the support services at Milbank. The night staff attracts special kudos. But many have problems with the level of paralegal support. One corporate lawyer says, "Milbank has a very professional word processing and support group in the evenings. But the day support group leaves much to be desired. For some reason, the firm has never taken a serious approach to training and using paralegals more comprehensively in its corporate practice." Another attorney concurs, "Secretarial, word processing and proofing are average to good. But we have a total lack of legal assistant help." Very odd pro bono Insiders report that pro bono hours fall into a "strange category" of "billable-equivalent" hours. "While this category of hours will get you some credit it is definitely secondary to the real billable hours," associates argue. The firm reportedly has a program for first-years that lets them work at a pro bono organization for two months prior to their official start date. During this time the first-years get all of the firm's resources and are paid their regular salary. "Anyone who wishes to initiate their own pro bono project is encouraged. Many associates have done just that," says a third-year lawyer. Milbank does designate one partner whose sole responsibility is to manage pro bono assignments. A source tells Vault.com that "the firm could do better at encouraging associates and partners who do not seek out pro bono work to get involved. But if you want to be involved, there is great enthusiasm and support."
Joanne DeZego Manager of Legal Recruiting
Cleary, Gottlieb, Steen & Hamilton;Fried, Frank, Harris, Shriver & Jacobson;Sullivan & Cromwell;Simpson, Thacher & Bartlett More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
