They’ve Got Next: The 40 Under 40 - Kelsey Breck Baumberger of Milbank

Kelsey Breck Baumberger

Age: 37

Law Firm: Milbank

Practice Area: Banking & Finance

Title: Partner

Location: New York

Law School: University of Michigan Law School

Please describe two of your most substantial, recent wins in practice.

We pioneered securitizations of minority equity investments in asset managers about six years ago. Earlier this year, I was proud to leverage those years of experience to execute on a complicated collateralized fund transaction that was for us and many of our clients a ‘first’ with a fair amount of hair on it, notwithstanding that others in the market have executed on superficially similar structures. We acted as counsel to the initial lenders on a structure of significant size for a well-known asset manager that was supported by interests in secondaries funds.

We were able to ensure that 1. the insurance company investors could get comfort as to how their regulators would assess the capital treatment of this investment, 2. the sponsor could get subscription line credit in the future for the Issuer’s commitments into the applicable funds, and 3. the terms of the deal addressed the challenges and differential alignment of interests that arise when the interests in a structure of this type are not held in a pro rata vertical strip. I think this transaction opened the door for us and our clients to push further into the ever-evolving structured fund finance space—it feels like we are at the forefront, and I am very excited to be there.

What is the most important lesson you learned as a first-year attorney and how does it inform your practice today?

It may seem like a small, rudimentary task, but always scan the original documents before you send them out. I once chased after a broken-down delivery truck carrying original signature pages so that my team could close a deal on time. The documents fiasco did teach me something larger though, and that is the massive impact that I could have on my team’s success, even as a first year. The things that first-years are asked to do seem so simple, but they can make the difference between a deal closing or imploding.

In the same vein, I recognized the importance of treating oneself with grace. It’s called “practicing” law for a reason. Even if you have performed perfectly your entire life, it’s impossible not to make mistakes in the high-pressure environment of first-year Big Law. So yes, always scan the originals before you send them out, but don’t be so hard on yourself if you forget.

Even as an experienced partner, every part of this job is a skill that must be learned. Every mistake is a teachable moment.

How do you define success in your practice?

Success is an incremental process. I aim to leave my desk every day feeling like I put in a good day’s work, whether that’s moving a deal forward, learning something new, or teaching somebody else. You earn a positive reputation from clients by doing the work and enjoying it.

Of course, I have met the “traditional” marks of success—getting into Big Law, making partner and the like. But with each of these career milestones, I like to think that I have helped redefine what it means to be a lawyer.

I am a young woman married to a woman who won’t have a “traditional” nuclear family. I tend to eschew the formality that other lawyers often bring to the job and aim to make space for others on their way up who might not fit the cardboard cutout of a Big Law attorney. So, a large part of my personal success story has been humanizing the practice of law, treating clients as real people, and showing both senior and junior colleagues alike that this job can look radically different depending on who fills it.

What are you most proud of as a lawyer?

I have often felt like an outsider in this career. My success in spite of that—or, perhaps, because of that—is my greatest accomplishment. Looking back, I am most proud of the fact that I stayed true to myself throughout the entire process. I think authenticity is also what has enabled me to have the courage to take on novel transactions and focus my practice on the tough deals that others may not want to do.

Now, I expect the same of my junior teammates. I want associates to feel comfortable being themselves and honest with what their challenges and successes are. This job is challenging enough as it is, and the added pressure to conform or fit in a box is something I hope to remove from the equation for those around me.

Who is your greatest mentor in the law and what have they taught you?

Blair Tyson, senior partner in the Direct Lending and Specialty Finance Group, was the first attorney at Milbank to interview me. Since we met, he has been my greatest advocate at Milbank and has taught me innumerable lessons. But if I were to distill them, the primary takeaway from all is that there is no substitute for hard work. There is no magic pill that makes being an attorney any easier. You have to keep your nose to the grindstone, day in and day out. To some new lawyers, that fact reads like a grim prognosis. I view it as an opportunity. If you just put in the time, you can do it.

Tell us your two favorite songs on your summer music playlist.

This summer I have every song by Pinback on repeat, but “Penelope” off the 2001 album Blue Screen Life spends the most time running through my head. I saw Pinback live in June and hearing Rob Crow’s truly incredible voice IRL [in real life] made me question how I ever let them fall out of the rotation. Royel Otis is a totally summer vibes Aussie band I can never get enough of – their new single, “moody,” is really doing it me for this summer.

Kelsey Breck Baumberger of Milbank making best friends with a litter of kittens in the Catskills.

Photo Illustration: Jonathan Hurtarte/ Bloomberg Law; Photo courtesy of Kelsey Breck Baumberger