Davis Polk

Davis Polk - formally Davis Polk & Wardell - is a US law firm headquartered in New York.

Wall Street royalty, the firm was founded way back in 1849 by lawyer Francis N. Bangs, and is one of the original “white shoe” law firms in the US - the American equivalent of the Magic Circle.

A titan of global finance and corporate, Davis Polk’s history is almost woven into the fabric of corporate America. In the 19th century, partner Francis Stetson helped JP Morgan reshape the Pennsylvania Railroad and launch General Electric. To this day, Morgan Stanley and JP Morgan remain key clients. Even ex-US President Grover Cleveland clocked time at the firm between his two non-consecutive terms.

Davis Polk is well known for taking on high-stakes work. During the 2008 financial crisis, it was the firm the US Treasury and the Federal Reserve Bank of New York turned to for advice. Its reputation for handling complex corporate deals, high-value litigation and market-shaping transactions is second to none.

The firm arrived in London in 1972. For years, the office was seen as a satellite of New York rather than a serious player in its own right. That began to change in 2012 when Davis Polk started practising English law. Since then, London has gone from strength to strength.

The London office now has serious capital markets clout, while its corporate/M&A practice is equally well-regarded.

London is clearly seen as a key growth area for Davis Polk, and the firm has been making some eye-catching moves. Headcount now stands at more than 60 and the firm signed a lease for larger City premises at the back end of 2024 - clear evidence of its expansion plans.

In 2024, it launched a restructuring practice with the hire of two partners from Sidley Austin, while also strengthening its leveraged finance and private equity benches with the hire of top talent from Paul Hastings and A&O Shearman.

Globally, Davis Polk operates with a leaner international footprint than larger rivals with only 10 offices globally.

While it may not match the scale of giants like Kirkland or Latham, the firm holds its own - and arguably outshines its peers - when it comes to prestige and profitability. In 2023, average partner profits hit $6.2 million, ranking the firm among the top five globally and far surpassing the best the Magic Circle has to offer.

Other things to know

Small but mighty: Davis Polk’s London office takes on just five trainees a year, meaning top-tier work and hands-on experience from day one. With such a tight-knit group, trainees can expect big responsibility and exposure to high-profile matters from day one.

Top of the market: Davis Polk is known for regularly being among the best-paying law firms for trainees in London. It currently pays first-years £65,000 and second-years £70,000 - joint top along with three other US firms.

What is Davis Polk known for?

Davis Polk is a full service corporate law firm. In the London market, it is probably best known for its expertise in the following areas:

Corporate/M&A: Davis Polk has a strong corporate and M&A practice in London, advising corporate clients and financial institutions. It has a Band 4 ranking by Chambers for its advice on the biggest deals.

Capital Markets: Highly-regarded across debt and equity capital markets work, the firm’s ECM practice gets a Band 3 ranking by Chambers, with its DCM practice getting a Band 4 ranking.

Leveraged Finance: Part of its private capital push in London, Davis Polk is building out its leveraged finance practice and has made key hires recently - including highly-ranked partner Luke McDougall from Paul Hastings.

What's Chambers?

We use Chambers rankings to demonstrate a firm's strengths. Chambers is the most highly-regarded provider of law firm rankings in the legal industry. Law firms are ranked in bands from 1 (highest) to 6 (lowest) across a range of practice areas.

It's important to note that being ranked in any band at all is still considered a significant achievement.

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Who does Davis Polk compete with?

In the London market, Davis Polk competes with the Magic Circle and elite US rivals for the best corporate/M&A and capital markets mandates.

In 2023, Davis Polk’s global revenue was $2.03 billion, according to ALM / Law.com.

In 2023, Davis Polk’s profit per equity partner (PEP) was around $6.2 million.

How much does a partner at Davis Polk make?

In 2023, Davis Polk’s profit per equity partner (PEP) was $6.2 million

This is the total amount of profit available for distribution among equity partners, divided by the number of equity partners at the firm.

This represents the average amount that equity partners are entitled to. Some will receive significantly more, some less. It depends on the firm’s profit-sharing formula and each partner’s seniority.

How many trainees does Davis Polk take?

Davis Polk takes 5 trainees per year. Trainees are recruited from the firm's annual vacation scheme.