Hi, I'm new here so I'm not sure where to post this! I have a friend who completed the Milbank Spring Scheme, and she mentioned that a few training contracts have already been offered. For context, I think they give 8 general TCs and 4 LevFin track ones. I'm due to do the Summer Vacation Scheme for the LevFin track, and she told me there are only two LevFin TCs left — and that's before the summer cohort even starts. How do I stay positive when it feels like I'm working towards such a small chance? And is there a chance I'd be offered a general TC if I was good enough, even if I just sit in LevFin during my scheme?
Having done the normal Milbank VS last year, I can tell you
@Jessica Booker is definitely right in that
the firm will likely end up making more offers than they have TC places available. Some candidates will be doing other VSs so sometimes end up choosing other firms, while others completely move away from the commercial law route. Thus, I think based on the numbers in my cohort the offer rate was closer to the 35-40% mark. Thus, even on paper, your chances may not be as low as you think.
Beyond that, you need to keep in mind that it is the partners who are the ultimate decision makers for hiring decisions. It is not as uncommon as you may think for firms generally, and also Milbank in particular, to end up hiring slightly above their stated target. If the firm is convinced that the talent pool in a given cohort is exceptionally high, and the partners really like you,
they can make you an offer even if though in theory there were no more places available. You can never know that will be the case, but if that's gonna happen anywhere, Milbank is definitely a good shout. They have had an amazing year as a firm, growing their average PEP by an incredible 33% to reach a figure of $6.8 million. This puts them in the top 10 most profitable firms in the world, overtaking titans like
Sullivan & Cromwell. They have also been growing their London base a lot in recent years, both in terms of general size and in regards to the trainee cohort - in my year it was a total of 6, a couple of years before that it was 4.
As for your question about changing from the LevFin track, while perhaps not impossible in theory I think it is very unlikely to happen in practice. The very reason this track was implemented this year was because levfin the team has been very busy and in constant need of trainees and NQ associates, a need which was not sufficiently serviced by hiring done via the normal manner. Milbank's problem was not getting enough people in levfin, not the other way around - so I doubt they would take action which might undermine the solution they have come up with.
Finally, as for general pieces of advice, I have two.
Firstly, try to learn as much as you can about levfin work as you can before the TC. As other forum members have stated, the scheme will likely be very work intensive so your performance in that regard that will be the primary consideration in their decision-making. Secondly, the attitude I would advise you to have is to
focus on what you can control. Everyone on the scheme will be in the same boat as you and fighting the same odds. There is no reason to presume you are more disadvantaged by them than the others are. Ultimately, of course, the TC decision does not rest with you. What you can control is whether or not you do your best to maximize those odds by preparing as well as you can and having a great attitude throughout the scheme. Going in with this mindset, of simply aiming to perform to the best standard I can hold myself to, was really helpful for me when in your position, as I knew that even if I would not get the offer, I would have nothing to reproach myself for.
