US leader Milbank has launched a new London training contract dedicated to leveraged finance, offering an alternative route into one of the firm’s most high-profile practice areas.
The first full intake of the new training contract will commence in September 2025, in line with Milbank’s general training programme.
All candidates must have already completed a vacation scheme with the firm before applying, with applications initially opened to spring and summer 2024 vac scheme attendees.
The dedicated scheme will see trainees spending at least 12 months of their training contract within the firm’s 60+ London lev fin and capital markets team before moving on to other practices.
‘Trainees will spend 12–18 months sitting in our LevFin team in London, followed by at least one six-to-twelve-month seat in another adjacent practice area,’ explains Sarbajeet Nag, a leveraged finance partner at Milbank. ‘This provides more in-depth finance-focused legal, technical, and commercial training while ensuring exposure to other areas of practice.’
Milbank confirmed that its future LevFin trainees will receive the same salary as those on the standard training contract, earning £65,000 in year one and £70,000 in year two. The application process will also follow the same structure as the firm’s traditional route.
‘Trainees will benefit from all the training and development opportunities offered to trainees on the regular trainee programme,’ said Nag. ‘The application process will also be the same, with a common vacation scheme run twice a year (in spring and in the summer) with vacation scheme candidates given the option of applying to either: the “traditional” training contract only; or the leveraged finance training contract only; or both training contracts.”
The firm intends to recruit between four and five LevFin trainees per intake, meaning there will be between eight and 10 dedicated leveraged finance trainees at the firm at any time, as well as trainees on the main scheme. The firm’s core training scheme is set to include around 17 trainees in 2025 across both years.
Leveraged finance will still be a seat option for those on the general training scheme according to Nag.
‘Trainees undertaking the traditional training contract will still, subject to business needs, have an opportunity to sit in leveraged finance,’ he confirmed, adding that ‘the LevFin track will not be replacing the traditional training scheme.’
While Milbank stressed that there is no set background required for applicants to its new scheme, those hoping to take part must have an interest in finance in addition to a desire to practise commercial law.
Milbank’s move means it joins a small group of firms introducing specialist training contracts to help trainees develop expertise in key sectors at an earlier stage.
In 2021, Bryan Cave Leighton Paisner (BCLP) launched sector-focused training contracts in real estate and financial services, designed to give trainees more in-depth exposure to those industries. Norton Rose Fulbright meanwhile introduced a technology-focused route, incorporating an innovation seat into its training contract, while Clifford Chance introduced IGNITE, a specialised programme designed to equip trainees with essential tech and legal skills.