Milbank has been building out its regulatory and securities practices with high-profile hires lately, adding in the last few years at least eight partners with high-level government experience. The hiring is both a move to boost in-demand practices and for long-term succession planning, the firm says.

Many of the firm's recent hires with government experience are "eight to 10 years" younger than the more senior members of the current regulatory practice team, said George Canellos, head of Milbank's global litigation and arbitration group. And that is by design.