Firm Profiles
IN-DEPTH RESEARCH REPORT
on Davis Polk & Wardwell LLP
- - Financial Information
- - Compensation
- - Billing Rates
- - Lateral Partner Moves
- - Pro bono
- - Key Contacts
Davis Polk & Wardwell
- Designation: New York
- Head Count: 787
- Gross Revenues: $950,000,000
- Revenue Per Lawyer: $1,205,000
- Profits Per Partner: $2,455,000
- Year Over Year Change: no change
The 160–year–old Davis Polk & Wardwell made its name as counsel to J. Pierpont Morgan and the companies the legendary financier put on the map. It did the legal work that created General Electric, United States Steel (the largest company in history when it was formed in 1901), and Morgan Stanley & Co. Many decades later, it advised on J.P. Morgan & Co’s $38.6 billion merger with Chase Manhattan Bank (creating JPMorgan Chase & Co in 2000).
More recently, Davis Polk litigators were the go–to lawyers for financial institutions sued over the financial crisis. Its work in reducing the exposure for Bank of America Corporation, JPMorgan Chase, Morgan Stanley, and Citigroup Inc. helped earn the firm an honorable mention in The American Lawyer’s 2012 Litigation Department of the Year contest. (It also earned honorable mentions in 2006 and 2010.) The U.S. government was another major client during the crisis, with Davis Polk serving as counsel to the Federal Reserve Bank of New York and the U.S. Department of the Treasury in a series of multibillion–dollar transactions involving American International Group, Inc. (AIG).
Davis Polk has consistently placed, even during the downturn, in the top 15 in average partner compensation on our Am Law 100 rankings. It is one of the few transactional–heavy New York firms that saw an overall increase in its attorney rolls during the crisis. By other metrics, however, the firm fared less successfully. Drops in revenue–per–lawyer and profits–per–partner between 2007 and 2009 resulted in a respectable, but not spectacular, ranking on The American Lawyer’s Recession Performance Index (twenty–sixth out of 84 firms).
But better than average pro bono and midlevel satisfaction marks have helped put Davis Polk in the top ten on The American Lawyer’s A–List ranking (the firm placed ninth in 2011), and in September 2010 it was cited by The American Lawyer as having the highest percentage of women equity partners. Davis Polk may be an old–line firm, but it’s one that’s embracing a new generation.
—Updated as of 1/1/12
Firm Rankings
| Survey | Rank | Year Over Year Change | Description |
|---|---|---|---|
| Am Law 100 | 22 | no change | Gross revenue |
| Am Law 200 | 22 | no change | Gross revenue |
| NLJ 250 | 42 | 3 | Lawyer head count |
| The A-List | 6 | 3 | Overall excellence |
| Pro Bono Scorecard | 31 | 13 | Pro-bono commitment |
| Diversity Scorecard | 19 | 5 | Minority head count |
| Midlevel Associates Survey | 32 | 28 | Job satisfaction |
| Summer Associates Survey | 69 | 9 | Summer programs |
In the News
Deals & Suits
: Corporate Counsel : May 1, 2013
Personal Notes on Lawyers
: New York Law Journal : April 30, 2013
Shearman & Sterling and Carter Ledyard have each added a partner; Ira Warshawsky, a retired Supreme Court justice, has joined the roster of neutrals at NAM; and more.
Neota Logic Automates Legal Questions and Answers
Christian Liipfert and Ted Banks : Law Technology News : April 29, 2013
Can technology provide legal guidance to clients on routine questions that consume a large amount of lawyers' time? With expert input, Neota Logic software can be used to build a tool that allows clients (or lawyers) to answer a series of online questions to reach a legal conclusion, say consultant Christian Liipfert and Scharf Banks lawyer Ted Banks.
Skadden on $3.5 Billion Sinopec Bond Offering
Tom Brennan : The Asian Lawyer : April 26, 2013
The Chinese state-owned oil giant plans to use funds raised by the issue for overseas acquisitions and to repay existing debt.
Freshfields Boosts Hong Kong Disputes With Herbert Smith Hire
Jessica Seah : The Asian Lawyer : April 26, 2013
Freshfields has hired Tim Mak, a former Herbert Smith Freehills partner, as disputes partner for its Hong Kong office. He has particular experience acting for those involved in investigations conducted by the Hong Kong Stock Exchange and the Securities and Futures Commission. Several firms have taken steps in recent months to boost financial regulatory practices in Hong Kong.
Asia Deal Digest: April 25, 2013
Jessica Seah : The Asian Lawyer : April 25, 2013
* Allen & Overy on the Philippines' largest-ever stock offering* AXA turns to S&C for a big China auto insurance push* DLA and Amarchand guiding Etihad in to land a Jet Airways stake
Davis Polk Advising Chinese Brokerage on Planned IPO
Jessica Seah : The Asian Lawyer : April 24, 2013
China Galaxy Securities plans to raise $1.5 billion in its upcoming Hong Kong listing.
Covington, S&C, Brazilian Firms Advise on Big Latin American Deals
Brian Baxter : The Am Law Daily : April 24, 2013
Top Brazilian firms Barbara, Mussnich & Aragao and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga are working on a $2.5 billion all-stock merger that will create the world's largest for-profit education company, while Covington & Burling, Sullivan & Cromwell, and several South American firms have grabbed roles on the $516 million sale of a 50 percent stake in a Peruvian pension fund.
Freshfields Boosts Hong Kong Disputes with Herbert Smith Hire
Jessica Seah : The Asian Lawyer : April 22, 2013
Tim Mak specializes in financial regulatory matters.
IPO Pipeline Pumps Cash Into Coffers for Latham, Other Am Law 200 Firms
Brian Baxter : The Am Law Daily : April 19, 2013
Latham & Watkins, Simpson Thacher, Davis Polk, and Fenwick & West are leading a pack of firms reaping the benefits from a recent round of initial public offerings that includes share sales for such companies as Fairway, SeaWorld, Taminco, and Taylor Morrison.
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