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Davis Polk
An elite US law firm recognised for its capital markets, corporate M&A, banking and finance, restructuring and complex cross-border transactions.
About Davis Polk
Davis Polk & Wardwell is a leading international law firm founded in New York in 1849. With a history spanning more than 175 years, the firm has developed a reputation for advising major financial institutions, multinational corporations and investment managers on complex transactions, regulatory matters and disputes.
Its London office opened in 1973 and serves as an important centre for the firm's European practice. The office advises on corporate M&A, equity and debt capital markets, leveraged finance, restructuring, investment management and financial regulation. Davis Polk is particularly well known for advising issuers and underwriters on securities offerings, including transactions involving companies accessing US and international capital markets.
The firm's integrated international platform allows its London lawyers to collaborate with colleagues in New York, Hong Kong and other financial centres. Its experience advising on transactions governed by both English and US law is a particular differentiator.
Unlike firms with large and highly diversified London practices, Davis Polk concentrates on a relatively focused group of sophisticated transactional and advisory services. This provides trainees with opportunities to develop expertise in areas closely connected to international financial markets.
Davis Polk's London training contract is structured around four six-month seats over two years. Trainees gain experience across the firm's core practice areas, which include corporate M&A, capital markets, finance and other transactional or advisory teams.
The programme is designed to provide junior lawyers with practical experience on significant client matters. Trainees may assist with due diligence, drafting transaction documents, reviewing financing agreements, conducting legal research and coordinating the completion of cross-border transactions.
A distinguishing feature of Davis Polk's London practice is the opportunity to work on matters involving both English and US legal considerations. Trainees may collaborate with lawyers across the firm's international network, particularly on capital markets and financing transactions.
The relatively small trainee cohort allows junior lawyers to develop close working relationships with senior colleagues. Seat allocations and any international secondment opportunities are subject to the firm's business needs.
Davis Polk supports professional development through practical training, supervision and exposure to complex commercial matters. The current London arrangements for PGDL and SQE sponsorship, maintenance grants and trainee benefits should be confirmed against the firm's latest recruitment materials before publication.
Practice areas & rankings
In the 2026 edition of Chambers UK, Davis Polk achieved two departmental rankings and 13 individual lawyer recognitions. Its ranked departments are Capital Markets: Equity (Band 3) and Capital Markets: Debt (Band 4), both in the UK-wide category.
Although the firm has only two departmental rankings in Chambers UK 2026, its lawyers receive recognition across a broader range of practices. These include corporate M&A, leveraged finance, restructuring, private equity and tax.
Notable individual rankings include Will Pearce (Band 3, Corporate/M&A: £800 million and above), Luke McDougall and Nicholas Benham (Band 3, Leveraged Finance: Big Ticket), and Jifree Cader and Mark Knight (Band 4, Restructuring/Insolvency). Jonathan Cooklin is recognised as a Senior Statesperson in tax.
These individual rankings should not be confused with departmental rankings: Davis Polk does not have a Chambers UK 2026 departmental ranking for corporate M&A, leveraged finance or restructuring.
Ranked departmentsChambers UK
Explore the practice areas
Davis Polk is ranked Band 3 for Capital Markets: Equity in Chambers UK 2026. The team advises companies, financial institutions and investment banks on equity offerings, including initial public offerings, secondary fundraisings and other securities transactions.
The practice is particularly relevant to companies seeking access to international capital markets, where transactions may involve both English and US securities law. Davis Polk's lawyers advise issuers and underwriters on disclosure obligations, transaction documentation and regulatory requirements.
Its international platform allows the London team to coordinate transactions involving multiple jurisdictions and stock exchanges. Connie Milonakis, Reuven Young and Simon Witty are individually ranked Band 4 in the 2026 guide.
Davis Polk's debt capital markets practice is ranked Band 4 in Chambers UK 2026. The team advises issuers, financial institutions and investment banks on debt securities offerings and related financing transactions.
Its work includes investment-grade bonds, high-yield debt and transactions involving international capital markets. The practice also supports corporate clients seeking to raise financing through public and private debt instruments.
A significant feature of Davis Polk's capital markets offering is its experience advising on US securities law, which is particularly relevant to European companies accessing American investors.
The London team collaborates with colleagues across the firm's international network to advise on transaction structuring, disclosure requirements and securities regulation. Reuven Young is individually ranked Band 4 for debt capital markets.
Davis Polk's corporate practice advises multinational companies, financial institutions and private equity sponsors on acquisitions, disposals, mergers and strategic investments.
Its lawyers handle complex transactions involving businesses operating across multiple jurisdictions, often working alongside colleagues in the United States and Europe.
The practice also advises on corporate governance, shareholder arrangements and the regulatory implications of major transactions.
Although Davis Polk does not have a departmental ranking for corporate M&A in Chambers UK 2026, Will Pearce is individually ranked Band 3 for Corporate/M&A: £800 million and above. Gordon Milne is also recognised at Band 4 for Private Equity: Buyouts: £500 million and above.
These individual rankings demonstrate the experience of senior lawyers within the firm's London transactional practice.
Davis Polk's leveraged finance team advises private equity sponsors, corporate borrowers and financial institutions on acquisition financing, refinancing and other debt transactions.
The practice handles financing arrangements supporting major corporate acquisitions and private equity investments. Its work includes negotiating loan documentation, security arrangements and financing structures involving multiple jurisdictions.
The team benefits from the firm's corporate and capital markets capabilities, particularly where transactions involve combinations of bank lending and debt securities.
In Chambers UK 2026, Luke McDougall and Nicholas Benham are individually ranked Band 3 for Leveraged Finance: Big Ticket, while Philip Anscombe is recognised as Up and Coming for Leveraged Finance: Mid-Market.
The firm does not currently have a separate leveraged finance departmental ranking in Chambers UK 2026.
Davis Polk's restructuring practice advises companies, creditors, investors and financial institutions on complex financial restructurings and distressed situations.
Its work includes debt reorganisations, liability management transactions, distressed investments and negotiations involving financially challenged businesses.
The practice is particularly relevant to international restructurings, where companies may have creditors, assets and financing arrangements across several jurisdictions.
Davis Polk's London lawyers collaborate with colleagues in New York and other offices on matters requiring coordinated advice under different legal systems.
Although the firm does not have a restructuring departmental ranking in Chambers UK 2026, Jifree Cader and Mark Knight are both individually ranked Band 4 for Restructuring/Insolvency in London
The application process
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Davis Polk is currently recruiting for its September 2029 London training programme, with applications closing on 30 November 2026. Unlike many US law firms, Davis Polk recruits directly from its training programme assessment days, rather than requiring candidates to complete a vacation scheme. The current recruitment process is open to penultimate-year undergraduate law students and postgraduate students with a law degree who are eligible to begin training in September 2029. The firm also offers Insight Days for students interested in learning more about its London practice. Candidates begin by submitting an online application through Davis Polk's London graduate recruitment website. The application is for a place at one of the firm's January 2027 assessment days, from which successful candidates are recruited directly into the September 2029 training programme. Applicants should demonstrate a clear understanding of Davis Polk's principal practice areas, particularly capital markets, corporate M&A, leveraged finance and restructuring. A strong application should explain why the candidate is interested in the firm's international transactional practice and the opportunities provided by its relatively small London trainee programme. Candidates should also consider the firm's work advising major financial institutions and multinational corporations, particularly on transactions involving both English and US law. The firm has not publicly confirmed the exact written questions or word limits for the current application cycle.
How to answer why youDavis Polk: quick answers
How much does Davis Polk pay trainees?
Davis Polk pays first-year trainees £65,000, rising to £70,000 in the second year. Newly qualified solicitors at Davis Polk earn £180,000.
How many trainees does Davis Polk take on?
Davis Polk takes on around 5 trainees in each intake, so places are competitive and strong applications matter.
What grades do you need to apply to Davis Polk?
To apply to Davis Polk you will generally need a 2:1+ degree. Requirements can flex where there are mitigating circumstances, so always check the firm's own criteria if your grades differ.
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