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Interested in Litigation

MB is probably a better bet for general commercial lit. Milbank is growing its white collar/regulatory defense practices, and the connections are increasingly good if you're looking to exit to AUSA, clerkship, etc. A lot of Milbank's big cases over the past few years have been shareholder derivative suits. They also pull a lot of litigators in to do some of the more advanced bankruptcy trial work. Can't really speak as well to Mayer Brown NY, but can tell you that in the world of litigation they're a much bigger force. Milbank suffers from a "finance law firm" complex that it is increasingly trying to cast off (new MP is former SDNY AUSA). Honestly, though, you can't go wrong here.

Disclosure: headed to Milbank this summer. I picked it because of the opportunity to join a burgeoning white collar/reg defense practice, and also to try my hand at some of its really well-regarded finance practices.