Milbank Hires Nadav Klugman Chicago, Opens Project Finance Office

• Milbank has hired Nadav Klugman, formerly co-chair of White & Case's global project development and finance practice, to lead its new Chicago office.
• Klugman is Milbank's first partner hire in Chicago, with the firm actively exploring additional recruitment.
• Milbank's chair, Scott Edelman, stated the Chicago office aims to find culturally aligned lawyers with substantive excellence, not necessarily to be a full-service outpost.
• Milbank is the latest firm to expand into Chicago, following recent moves by Simpson Thacher & Bartlett, Akin Gump Strauss Hauer & Feld, A&O Shearman, and Dechert.
• This expansion signals a growing competitive landscape in the Chicago legal market, particularly for project finance expertise.

Milbank's entry into Chicago is part of a broader trend of major law firms expanding their footprints in the city, indicating a robust and increasingly competitive legal landscape.

Milbank has made a significant strategic move into the competitive Chicago legal market, announcing the recruitment of a prominent project finance expert to spearhead its new office. Nadav Klugman, formerly the co-chair of White & Case’s global project development and finance practice, has joined Milbank as its inaugural partner in the city. His appointment, effective as of the August 25, 2026 report, signals Milbank's intent to establish a strong presence in a key financial hub.

Klugman's arrival is central to Milbank's expansion strategy, as he is tasked with helping to lead the firm's newly established Chicago location. This high-profile hire underscores the firm's commitment to building out its capabilities in the region, particularly in the project finance sector, leveraging Klugman's extensive experience. The firm is actively looking to make further hires to complement Klugman's expertise and build out its team in the Milbank Chicago office.

Milbank's entry into Chicago is part of a broader trend of major law firms expanding their footprints in the city, indicating a robust and increasingly competitive legal landscape. The firm is noted as the latest to establish an office there, joining a wave of recent arrivals. This month alone, Simpson Thacher & Bartlett also revealed its intentions to open a Chicago office, further intensifying the competition for talent and clients.

Other prominent firms have similarly recognized Chicago's strategic importance in recent years. Akin Gump Strauss Hauer & Feld and A&O Shearman have both launched operations in the city, contributing to the evolving legal ecosystem. Additionally, Dechert made a return to the Chicago market earlier this year, reinforcing the perception of Chicago as a critical growth area for top-tier legal services. This collective movement highlights a dynamic period of Chicago law firm expansion.

Milbank's leadership has articulated a clear vision for its Chicago operations, emphasizing a targeted approach rather than a broad, full-service replication of its global offerings. According to Scott Edelman, the firm's chair, while Milbank as a whole operates as a full-service entity, individual offices are not necessarily required to adopt the same comprehensive model.

Edelman conveyed to Law.com that the primary objective for the Milbank Chicago office is to thoroughly explore the local market and identify exceptional legal professionals. The firm is particularly focused on recruiting lawyers who not only possess the requisite substantive excellence but also align seamlessly with Milbank's cultural values. This deliberate and selective approach to talent acquisition underscores the firm's commitment to building a high-quality, cohesive team in its new location, with Nadav Klugman's hire being the first step in this process.

This development signals a growing competitive landscape in the Chicago legal market, particularly for project finance expertise, which could impact talent acquisition, client relationships, and strategic planning for firms operating or considering expansion in similar global financial hubs. Lawyers should monitor these expansions for potential collaboration opportunities or competitive threats.

Source: Original reporting via Law.com