Milbank, the law firm that spurred the latest associate salary hike, grew its revenue by 17.8% to $1.514 billion in 2023 while its profits per equity partner jumped 18.6% to $5.114 million—a record year for the firm.
Even as its full-time equivalent head count grew about 8% to 912 lawyers, Milbank’s revenue per lawyer was up 9.5% to $1.66 million. With the firm keeping its equity partner ranks mostly flat, its total net income jumped 20% to $846.6 million. Meanwhile, the firm saw 51% growth in its nonequity partner ranks.
