Davis Polk & Wardwell: What Law Students Should Know

Davis Polk is the capital markets firm. If a major company is going public, issuing debt, or navigating securities regulation, Davis Polk is on the short list. The firm has held this position for decades, and it is not a matter of debate, the volume and quality of their capital markets work is simply unmatched.

The Basics

• Vault Rank: #7
• Headquarters: New York
• US Offices: New York, Washington DC, San Francisco (Menlo Park)
• Size: ~1,000 attorneys worldwide
• Starting Salary: $225,000

What They Are Known For

Capital markets. Davis Polk's equity and debt capital markets practices are the gold standard. They represent underwriters on a staggering percentage of major IPOs and bond offerings. When a tech unicorn goes public or a Fortune 500 company raises billions in debt, Davis Polk is frequently the firm documenting the deal.

M&A is also elite. The firm consistently advises on the largest mergers, often representing financial advisors or the boards of target companies. The M&A and capital markets practices feed each other, the same clients who issue securities also buy and sell companies.

Litigation is strong and covers securities enforcement, white collar defense, and complex commercial disputes. The SEC enforcement practice is one of the best in the country, when companies or executives face SEC investigations, Davis Polk is a default choice.

Tax is excellent. Credit is excellent. The firm does not have a weak link, but capital markets is the reason the firm exists at the level it does.

Culture and Assignment

Davis Polk uses a modified assignment system. Associates join a department (corporate or litigation) and then work across sub-groups within that department. Corporate associates will touch capital markets, M&A, credit, and other areas before gravitating toward a specialty. It is not a formal rotation, but the firm encourages broad exposure in the early years.

The culture is polished, professional, and quietly confident. Davis Polk does not need to sell itself. The firm has a small associate class relative to its revenue, which means the per-attorney economics are excellent and the firm can afford to be selective about both the people and the work.

Associates describe the environment as collegial but not coddling. The expectation is that you are smart, capable, and ready to handle sophisticated work from day one. Partners are accessible but not hand-holding. The training comes from the work itself, which is consistently at the highest level.

Hours are high, consistent with any firm doing this caliber of deal work. The capital markets practice is particularly cyclical, when the IPO market is hot, the pace can be relentless.

Summer Program

Davis Polk's summer class is small, usually 70-90 summers. The program is highly regarded and gives summers real capital markets and M&A work.

The small class size means you get more individual attention than at firms running 200-person summer programs. Partners will know who you are. The social events are well-funded but not excessive, the firm's style is understated.

Offer rates are consistently near 100%. Davis Polk does not bring on summers it does not plan to hire.

Offices

New York is everything. It is where the capital markets machine operates, where the M&A practice is centered, and where the vast majority of associates work. The DC office handles regulatory and enforcement matters and is meaningful but much smaller. Menlo Park (San Francisco) serves the tech and venture capital market.

The international offices, London, Madrid, Hong Kong, Beijing, Tokyo, Sao Paulo, support cross-border transactions. But this is fundamentally a New York firm. If you want to practice somewhere other than Manhattan, Davis Polk is probably not your best option.

Compensation

Davis Polk matches the Cravath scale. $225,000 base for first-years with a $21,000 bonus. Total first-year comp: approximately $246,000.

The firm has historically paid at or above market, including occasional special bonuses that exceed what other firms offer. Per-attorney profitability is among the highest in BigLaw, and the firm shares that with associates.

Who Should Apply

Davis Polk is the right firm if you want to be at the center of the capital markets universe. It is the right firm if you want a small, selective class where you will not be anonymous. And it is the right firm if you value a culture that is confident without being arrogant and rigorous without being performatively intense.

If you do not want to be in New York, or if you want a large class with a wide peer network, Davis Polk may feel too small. But for students who want the best capital markets training in the world and access to the most consequential securities transactions on the planet, there is no better address.