Davis Polk & Wardwell LLP - The Inside View

The nice folk at Davis Polk keep their cool in the heat of the corporate-law crucible.

“OBVIOUSLY the firm is extremely prestigious…” Associates at Davis Polk – one of the oldest and most revered law firms in New York – often skipped over this fact as they rushed to chat about other aspects of the firm, but it deserves a little more consideration. After all, the 'white-shoe' origins of the firm make it what it is today: a global powerhouse, with top-notch restructuring, M&A, credit, financial services regulatory and capital markets practices that serve a who's-who of international players. Put simply, DP is a world-beater. Managing partner Tom Reid is more than aware that he sits “at the head of an institution that has been around since the 19th century, and has been at the top of its game for all of that time.” Fortunately, the firm has just notched up another vintage year: Reid tells us that “2017 has been phenomenal, especially for our M&A practice – it's powered the firm forward again this year.”

Interviewees could feel the positive imprint of the firm's history: a polite, well-mannered approach that still very much exists today. “I always pictured lawyers being aggressive and in-your-face. That's not what Davis Polk is about,” one source told us, and that point was critical for our interviewees, who found themselves picking between firms with the highest of expectations: “In the end I asked myself: where would I want to be working late into the night? The answer was Davis Polk. The people are calm, collected, collaborative and friendly.”

Read our latest interview with Tom Reid in full here.

The Work



During the summer program, new starters have the option to sample work across DP's corporate, litigation and tax departments. Around 60% of the juniors on our list had gone on to join the corporate department, which is split into subgroups including capital markets; financial institutions; M&A; credit transactions; insolvency and restructuring; and executive compensation. Thanks to a six-month rotation system, corporate juniors can try two different areas before finally settling down (the daring among them can even opt to join a group they've not yet tried). “The system gives you a good mix of exposure and opportunity to work on things at a meaningful level,” commented one corporate associate.

Rookies in the M&A team find themselves serving clients in the private, public, blue-chip and private equity spheres, on “a range of deals that stretch from the blockbuster DreamWorks/Comcast-style matters to the more modest $500 million transactions – but almost everything has an international element.” Sources in this group were candid: “I'm not going to tell you there isn't the aspect of being a first-year, which means diligence and the less glamorous work. However, I found that responsibilities escalate from the basic things quickly. You can graduate from that type of work in six months.” After progressing, associates found themselves “running the diligence process and assisting on things through to closing. By the time you're two years in you're assuming a more holistic role and coordinating teams that are implicated in the deal.” There's plenty more on offer than M&A, as one source told us: “I really wanted to do complicated and nuanced corporate work, and this is the place to do it. DP's not only good at M&A and capital markets, but also derivatives and insolvencies.” The financial institutions subgroup (FIG) also got associates excited: “They're always thinking about new markets and brainstorming products that they could roll out.”

“I really wanted to do complicated and nuanced corporate work, and this is the place to do it."

Beyond corporate, around 25% of beginners enter DP's litigation department – a bigger single portion than any of the corporate subgroups. Intrepid litigators can sample commercial litigation (which is broad, but associates did frequently mention financial disputes), bankruptcy and white-collar crime. One source opined that “the responsibility can vary by team. Some people are inherently willing to trust juniors with higher-quality work; sometimes I've been stretched and challenged, while at other times I haven't – it's not all first-level doc review though.” Indeed, our interviewees quickly got a taste of the more interesting aspects. “I've definitely  been able to write more than I expected I'd be able to,” said one. “I've written large portions of briefs and outlines for depositions – I've also attended several interviews in investigations.” Juniors even got their sleuth on by “listening to audio calls between relevant parties.”

Offices



Davis Polk has US offices in New York, DC and Menlo Park, California. The Big Apple HQ provides some lucky attorneys with views of the Chrysler and Empire State buildings, and “has something of a grand entrance, since it sits on top of the US post office. You ride up to the eighth floor and it's the classic Davis Polk style: caramel-colored wood, with lots of gold and gleaming white everywhere.” New Yorkers gleefully reported that “we all have floor-to-ceiling windows in our offices and there are standing desks available. Another great thing about being at a large firm is that we have a pretty big legal assistance department. It means you can be a lawyer without worrying about the other stuff.”

New York takes in the vast majority of new joiners, while the smaller Menlo Park base absorbs a handful and the DC office only brings in one or two each year. Between DC (which maintains a strong governmental/regulatory focus) and New York there is “quite a bit of contact: if not daily then several times a week. It feels pretty fluid.” Further afield, the firm has offices in Beijing, Hong Kong, London, Madrid, Paris, São Paulo and Tokyo.

Training & Development



Associates were realistic about their chances of making partner. “From a sheer numbers perspective, there is a real pyramid structure: a lot of associates, fewer partners.” But the firm's prestige meant associates had seen many of their predecessors take the leap away from private practice, regularly moving into government roles. “I'm always amazed at the opportunities people get as they complete their fourth or fifth year.” For those looking to make partner, they can take solace in the fact that “the firm prides itself on minimizing lateral hiring.” 

Long before these considerations are made, new starters begin by congregating in the Big Apple for Lawyering 101: a week of orientation which covers the office essentials such as computer training, document management and billing. “One part they do focus on is health and well-being. A partner comes in and describes how they were previously overworked, and encourages you not to go down that route.” After that week comes specific practice area training. “When I joined leveraged finance I knew nothing about it,” confided one interviewee, “but we had about 20 hours of training within the first couple of weeks, which soon brought me up to speed.” Lawyering 101 is followed every second year by Lawyering 301 and Lawyering 501. Corporate juniors on rotation receive six-monthly reviews, while those in their permanent groups attend annual checkups.

“One part they do focus on is health and well-being."

For more immediate guidance, associates found that “you have to initiate the feedback loop. People always say 'thank you,' but if you want something more tailored and detailed you have to drive it yourself.” The general opinion was that “mid-levels are more than willing to invest in junior associates,” but a couple of interviewees did note that “while some mid-levels are good at bringing first years in on the meat of the matter, others aren't so good.” Some felt an upward review process would fine-tune this relationship.

Pro Bono



Interviewees informed us that “a group of DP attorneys went to JFK airport in response to Trump's travel ban. Some even stayed overnight. Most people here have a sense that they should be giving back.” Without a billable hours target, “there is ample opportunity to do pro bono, and there is always a ton of it around – but the firm doesn't pressure you to do it.” We therefore found something of a divide. On one side: primed-and-ready pro bono participants with over 100 hours clocked in a year. On the other: associates too busy to take on much, or any. When associates start, however, “you fill out a survey for the pro bono coordinators so they can work with you to figure out where your interests lie.” Among the opportunities on offer, we heard about “family law matters; criminal appeals or even trials; 'elder law' tasks (like drafting wills, setting up trusts); drafting contracts for non-profits; and election protection issues.” Clemency work also featured: “That provided me with my most rewarding moment so far,” a humbled junior revealed, “as in the end someone with a life sentence was able to go home.”

Pro bono hours

  • For all US attorneys: 54,859
  • Average per US attorney: 62

Culture



“When I joined I was worried about being just one person in a very large firm,” a source recalled. “It's not crazy to feel that way when you have to walk through the doors of a huge skyscraper. But when you get here, between informal mentors, formal mentors and staffing coordinators, you end up being really well taken care of.” Associates couldn't help but paint a rosy picture of the internal relationships at DP. “In a way it does feel like the old guard (this is not a Silicon Valley firm, after all), but people have been remarkably open and patient about helping each other: they've shared tips, answered questions, and not tried to get ahead of each other.” On an even more basic level: “People will say 'hi' to you in the halls, even if you've never formally met. It's not a place where everyone's heads are down.”

"When things get busy or complicated, our partners and associates remain excellent people to work with."

So, attorneys at DP are polite people – that's a good place to start – but they're also talented, which they need to be, because “the expectations around quality of work, attention to detail and not making mistakes are pretty high.” One associate remarked that “you always feel that you're not the smartest in the room – but that means you're in the right room. It can be intimidating, but it's good to know you're constantly being challenged.” Sources also observed that attorneys “put great stock in their work,” and were adept at managing stress. “Even when things get busy or complicated, our partners and associates remain excellent people to work with. They let you know when the pressure is on, but they don't take it out on you.” Those in need of a release should take note of this associate's proclamation on the social life: “I would call it a 'design your own' adventure. If you want a work setting where you go out and get drinks, there are definitely people who will do that.” Happy hours occur regularly, and there's also a well-attended Christmas party that's held in the office.

Diversity



“Men will let you go first when you get in and out of the elevator,” one female interviewee commented. “They'll also hold doors open for women. Good manners are just part of the culture here.” But other female sources stressed that this approach “comes across as considerate and polite; as a woman I am not made to feel that I stand out as though it were the 1950s. I feel empowered and respected as an equal.” We're happy to report that the firm's approach to diversity has little of the 50s about it either. “It's making strides when you look at the pipeline of people we're bringing in. The third and fourth years are diverse – now we'll have to see if they make partnership.” Associates also told us about affinity groups that “have frequent events; these are well attended, and not only by those from the group being represented.” With the upper echelons in mind, the firm has started an initiative – called 'Davis Polk Revisited' – to bring back women attorneys who have left. Interviewees did feel that “more of the focus needs to be on associate development and retention.”

"I feel empowered and respected as an equal.”

Hours & Compensation



The firm's compensation structure (no billing target, accompanied by lockstep base salaries and bonuses) “takes the pressure off,” and dampens down competition. However, associates told us they were “very busy: the unpredictability can be frustrating, but it's not at a level that is inconsistent with what we were expecting.” Ten-hour days were felt to be quite average, though most sources expected to fit in a couple more hours at home. More demanding spells, however, were common. “I can get in at 9:30am and be working until one, two or three in the morning. One-offs are fine (they happen), but doing that for a whole week or longer, plus lots of weekend work – that's unsustainable.” Fortunately, DP has controls in place: “If you have long periods of working into the evening you will be on people's radar and you may get a call from the staffing coordinator. Those hours should be temporary.” In addition, associates' hard work is appreciated. “Partners send emails saying 'thanks for putting the time in.' They also host team drinks after a big brief or something similar. It's not the craziest gesture but it's nice to know they are aware.”

Strategy & Future



Davis Polk isn't one for surprises. “We are a long-term business,” says managing partner Tom Reid. “Our growth comes from partner promotions, and they take eight or more years. Our growth is therefore dictated by how the class of arriving associates develops. We hire lateral partners on a limited basis.” At the same time, the firm is reactive to change. Reid believes the Trump administration means “potentially significant reform. That has allowed us to do what we do best: to be thought leaders. When there is a moment in Washington where policy seems up for grabs we excel by having knowledgeable lawyers who can explain potential scenarios for clients.”

Get Hired



Considering Davis Polk's prestigious reputation, this associate's insight isn't so surprising: “There are a lot of Yale alumni here. That speaks well of the firm, as Yale students tend to have all options open to them. It suggests this is the place to be.” But it's important to note that new associates do still arrive from schools well beyond the T14. One source recalled: “I found DP to be gracious in offering me an interview despite not having the traditional law school ties. My school has never come up in conversation, apart from in a positive light, when partners say that we should be doing more hiring at lower-ranked schools.”

In fact the firm doesn't have much time for the market's obsession with ranking law schools. Hiring partner Dana Seshens tells us this welcoming approach is deliberate. “The scope of our recruiting effort is rather broad. By way of example, our 2017 class had 27 law schools represented. There are 25 law schools represented in the summer class for 2018. We reach as far and wide as we can, and bring in a wide range of schools; we don't want to lose out. Our practice is enhanced by having a diversity of backgrounds and views.”

But with DP's reputation (and the large pool of students just described) you'd better have something special to impress recruiters. Our interviews this year established that DP's associates are a particularly brainy breed. “One unspoken quality of the people here is intelligence,” said sources. “The firm will only interview candidates of a certain calibre, in order to maintain its reputation and to make sure expectations are met. That is a precursor to everything else.” To assess this at the OCI stage, Seshens describes how general conversation is “coupled with more substantive probing. The interviewer focuses on a candidate's ability to speak analytically, as well as their ability to to speak on issues and competencies based on their previous actions.”

One associate recalled that, by comparison, “the callback interview focuses on culture. The firm places a high value on maintaining an ultra-respectful environment.” With that in mind, another source offered this advice: “I honestly think it's best to try and act natural and not to be too much of a showperson. Don't brag about yourself! You've got an interview on the strength of your resume, so they are more interested in seeing beyond that piece of paper.”

OCI applicants interviewed: 1,535

Interviewees outside OCI: 181

Applicants invited to 2nd stage interview: 885

Offers: 456

Acceptances: 162 (2Ls)

Notable summer events: Welcome Dinner at The Plaza, Broadway theater night, Softball at Citi Field, Sunset Sailing

Chambers Associate: Interview with Davis Polk's managing partner Tom Reid



Read the latest interview in full here.

Davis Polk & Wardwell LLP

450 Lexington Avenue,
New York,
NY 10017
Website www.davispolk.com

  • Head Office: New York, NY
  • Number of domestic offices: 3
  • Number of international offices: 7
  • Lawyers (US): 820
  • Contacts 
  • Main recruitment contact: Cristobal V Modesto (cristobal.modesto@davispolk.com)
  • Hiring Partners: Maurice Blanco and Dana Seshens
  • Recruitment details 
  • Clerking policy: Yes
  • Summers joining/anticipated 2018: 175 (1Ls: 7, 2Ls: 159, Other: 9)
  • Summers joining/anticipated 2018 split by office: NY:145 (1Ls: 7, 2Ls: 131, Other: 7) Northern California: 17 (2Ls: 15, Other: 2) Washington DC: 2Ls: 13
  • Summer salary 2018: 1Ls: $3,500/week 2Ls: $3,500/week
  • Split summers offered? Yes
  • Can summers spend time in an overseas office? Yes

Main areas of work



 Capital markets, mergers and acquisitions, credit, litigation (including antitrust, bankruptcy, general commercial, IP, securities litigation and enforcement, and white collar and government investigations), tax, private equity, investment management, restructuring, corporate governance, intellectual property and technology, financial regulation, derivatives, FinTech, environmental, executive compensation, real estate and trusts and estates.

Firm profile



 Davis Polk & Wardwell LLP is a global law firm. For more than 165 years, its lawyers have advised industry-leading companies and major financial institutions on their most challenging legal and business matters. Davis Polk ranks among the world’s preeminent law firms across the entire range of its practice. With more than 900 lawyers in New York, Northern California, Washington DC, London, Paris, Madrid, Hong Kong, Beijing, Tokyo and São Paulo, the firm operates from key business centers around the world to provide clients with seamlessly integrated legal services of the highest caliber. 

Recruitment



 Summer associate profile:
We seek to hire applicants from a variety of backgrounds with outstanding academic and non-academic achievements, leadership skills and creativity and with a demonstrated willingness to take initiative. We strive to find exceptional lawyers who share our commitment to excellence.

Summer program components:
Our summer program is designed to allow students the opportunity to experience work as a junior associate. Summer associates are encouraged to work on matters in any practice area of interest. There are no required rotations. Work assignments are made through two associates who take leave from their regular practices to assist each summer associate in shaping their summer work experience. In addition to working with our attorneys on the firm’s current billable and pro bono matters, summer associates have the opportunity to attend practice area overviews and participate in multi-day interactive training sessions and workshops. The program also includes a wide range of cultural, social and mentoring activities to assist summer associates in getting to know their peers and our attorneys. 

Social media



 Recruitment website:https://careers.davispolk.com
Linkedin:davis-polk-&-wardwell-llp

This Firm's Rankings in
Chambers USA Guide 2017

Ranked Departments

    • Antitrust (Band 3)
    • Capital Markets: Debt & Equity (Band 1)
    • Litigation: White-Collar Crime & Government Investigations Recognised Practitioner
    • Antitrust (Band 1)
    • Bankruptcy/Restructuring (Band 1)
    • Corporate/M&A: The Elite (Band 1)
    • Employee Benefits & Executive Compensation (Band 1)
    • Environment: Mainly Transactional (Band 1)
    • Latin American Investment (Band 1)
    • Litigation: General Commercial: The Elite (Band 2)
    • Litigation: Securities (Band 1)
    • Litigation: White-Collar Crime & Government Investigations (Band 2)
    • Media & Entertainment: Corporate (Band 3)
    • Real Estate: Mainly Dirt Recognised Practitioner
    • Tax (Band 1)
    • Corporate/M&A (Band 4)
    • Antitrust (Band 2)
    • Banking & Finance (Band 1)
    • Bankruptcy/Restructuring (Band 1)
    • Capital Markets: Debt & Equity (Band 1)
    • Capital Markets: Derivatives (Band 1)
    • Capital Markets: High-Yield Products (Band 3)
    • Corporate Crime & Investigations (Band 2)
    • Corporate/M&A: The Elite (Band 1)
    • Employee Benefits & Executive Compensation (Band 1)
    • FCPA (Band 2)
    • Financial Services Regulation: Banking (Compliance) (Band 1)
    • Financial Services Regulation: Banking (Enforcement & Investigations) (Band 3)
    • Financial Services Regulation: Broker Dealer (Compliance & Enforcement) (Band 2)
    • Financial Services Regulation: Financial Institutions M&A (Band 2)
    • International Trade: CFIUS Experts (Band 3)
    • International Trade: Export Controls & Economic Sanctions (Band 3)
    • Investment Funds: Hedge Funds (Band 3)
    • Investment Funds: Registered Funds Recognised Practitioner
    • Private Equity: Buyouts (Band 4)
    • Securities: Litigation (Band 1)
    • Securities: Regulation (Band 1)
    • Tax: Corporate & Finance (Band 1)