Building on the success of its Milbank@Harvard program, Milbank, Tweed, Hadley & McCloy has launched Deals@Milbank, a new associate development program for its junior transactional lawyers.

Beginning in their first year, more than 100 of the firm's transactional associates will take part in sessions that aim to teach core dealmaking skills across four key areas: writing and drafting, accounting and finance, leadership and team building, and legal knowledge.

The training will include hands-on drafting and negotiating workshops, business and finance simulations, and one-on-one coaching on legal writing, presentations, networking and leadership, among other skills.

“We think that investing in our associates and training them is one of the most important investments that we can make,” said Milbank chairman Scott Edelman.

Milbank chairman Scott Edelman. Courtesy photo.

Deals@Milbank is the latest associate training initiative launched by the New York-based firm, which earlier this summer kicked off a wave of associate raises when it announced that it would be increasing its starting salaries to $190,000.

Two years ago Milbank launched Advocacy@Milbank, a program designed to build up the communication skills of litigation associates starting in their first year through interactive workshops and one-on-one coaching.

Deals@Milbank, like Advocacy@Milbank, will continue through associates' fourth year, when they shift to participate in a long-standing program at the firm: Milbank@Harvard.

Launched in 2011 in partnership with Harvard Law School, Milbank@Harvard provides additional business, finance and legal training each year for the firm's midlevel and senior associates.

“The reason we wait till the fourth year at Harvard is we think lawyers really need to have some experience before they can truly engage in these issues at a level of detail and complexity that makes its worthwhile at that stage in their career,” said David Wolfson, Milbank's executive director and a partner in its corporate group.

And while the Milbank@Harvard curriculum takes over in the fourth year, he's quick to point out that neither Deals@Milbank or Advocacy@Milbanks stops being relevant.

“We have a detailed strategic curriculum both internally and externally from the moment you step in the door at Milbank as a summer associate all the way through your career as an associate at Milbank,” Wolfson said.

In addition to building and polishing skills, the programs also help attract and retain top young talent—a key issue for Milbank and all of its competitors. Earlier this summer Simpson Thacher & Bartlett announced a new, weeklong training program in partnership with Columbia Business School for its incoming fall associates. Reed Smith also announced a series of new initiatives for its associates that includes a “ramp-up” program and an app-based feedback process.

“It's really a win-win-win for the firm and its clients,” Edelman said of Milbank's suite of training efforts. “The investment that we make creates all sorts of benefits, in addition to making the firm a better, happier place for all of us.”

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