Davis Polk & Wardwell LLP - True Picture

Davis Polk training contract review 2025

The Firm

What was it the Spice Girls said? Tell me what you want, what you really, really want? “I knew I wanted a firm with a corporate finance focus!” a trainee proclaimed. If you’re anything like this newbie, you won’t have to go wasting your precious time. In fact, you’ll be just fine, since Davis Polk certainly fits the bill for those aspiring to work on “high-value bespoke matters. It’s not run-of-the-mill work – here in London, we do interesting multi-jurisdictional deals with quirky elements,” another enthused. So, if what you really, really want is a firm that will launch you into the world of capital markets, M&A, and finance, you’re in the right spot. With continued investment in the teams 2023 saw the establishment of the integrated London and Brussels antitrust team covering global and EU mandates. "There’s a real entrepreneurial spirit within the firm, and with further growth on the horizon, it's an incredibly exciting time to join Davis Polk’s London office" London recruitment partner Aaron Ferner tells us.

“It’s hard to think about Davis Polk without thinking of its dominance in capital markets.”

“It’s hard to think about Davis Polk without thinking of its dominance in capital markets,” an insider observed, and Chambers UK wholeheartedly agrees that this is where the firm shines – specifically in debt and equity capital markets. The firm is also applauded for its corporate/M&A work, where the team handles matters valued anywhere from the hundreds of millions to billions of dollars, which notably have transatlantic dimensions. This links to the firm landing on this side of the pond in 1973. Indeed, this New York institution launched its English practice in the heart of the capital back in 2012, so “lots of our deal volume comes through UK-related work on US deals, or American clients who want a UK takeover.”

Beyond the pull of “big-ticket deals,” all our interviewees valued the small trainee cohort and opportunities presented by lean deal teams: “I was attracted to the smaller intake with the more practical, on-the-job learning. It depends on what type of learner you are, but I very much prefer this experience.” The firm only takes five trainees each year. "We’ve created a supportive environment where trainees can thrive and achieve their full potential. It’s a challenging, yet rewarding experience, with a strong emphasis on collaboration—a core value across the firm" Ferner shares. "We look for people who are not only intellectually bright but also strong team players who value working in a collaborative environment. Our ideal candidates are inquisitive, excellent problem solvers, and excited about the opportunity to work in the City on some of the most complex and high-profile transactions in the market." With over 70 lawyers in its London office, insiders agreed that “this shone throughout the application process. It felt less formulaic and more like they wanted to know you as a person – ‘tell me about yourself, your interests and hobbies’ – as at the end of the day, you want people who fit well together.”

The Seats

Being a corporate-focused training contract, trainees are naturally expected to sit in corporate at least once – although it is common for “people to do two or three seats under the corporate umbrella.” Newbies fill out a form indicating their interests, but it is very much a “two-way conversation.” Throughout “you’re being asked about how you’re finding things and what your plans are. You can engage with the whole process.” Everyone is guaranteed (!) a six-month secondment to New York, and excitingly, with the growth of the antitrust and competition practice in Brussels, there is now the potential to have a stint there instead!

As the largest department at Davis Polk, corporate’s offering spans capital markets, private equity, as well as public and private M&A. Here, investment banks, private equity firms and international corporations make up the books. Of course, project management and due diligence are staples of the trainee diet, including “sifting through documents in the data room and performing red flag to see what to include in your memo.” However, insiders emphasised that once you prove yourself capable, “you get given the pen to take the first draft!” As this source continued, project management and drafting “get you involved in the process in a way that allows you to not only improve your drafting skills, but also get exposure to lots of different documents.” A highlight for one was the “great opportunity to handle weekly updates with the other side, and email about ten different local counsel.” On the M&A front, there have been some notable highlights over the last year or so. Ever wonder how big the overlap on a Venn diagram of football and luxury car fans is? The firm advised Atairos Management on its investment in V Sports E.C.S, the holding company of the Aston Villa Football Club, and Cadeler A/S on its all-cash merger with Eneti, an offshore wind turbine and foundation installation company in a transaction worth nearly $600 million. Over in the technology sector, the team advised Lucid on a cross-border matter worth over $200 million in connection with its partnership with Aston Martin. Clearly, big names = big deals!

“On one matter I worked on, it was publicly announced as a huge deal – it was very cool to see it in the news!”

Generally, the finance team advises both lenders and borrowers on credit agreements for acquisitions, largely related to US companies purchasing UK based companies. Early on, trainees here are responsible for communication: “Often, you are liaising with the New York office on points being run or with the client themselves.” We were told that “recently, we’ve been involved in lots of refinancing, as with the interest rates, lots of people need debt to refinance.” Interviewees explained that the tasks are varied, with plenty of work involving checking publicly available information against borrowers and lenders, handling corporate authorities such as board and shareholder resolutions, and helping to draft ancillary documents. One enthused: “On one matter I worked on, it was publicly announced as a huge deal – it was very cool to see it in the news!” As such, some headline clients include Visa, Ford Bank, and Morgan Stanley. In the life sciences sector, the team advised lender parties in relation to a $28.5 billion unsecured bridge loan facility for Amgen, linked to its completed acquisition of Horizon Therapeutics.

Over in antitrust, the team works closely with the M&A practice and understandably so, with expertise covering competition merger control. This know-how extends to covering foreign direct investment and subsidies, antitrust litigation, and government investigations. Covering all the jurisdictions outside the US alongside the European offices, “we have clients come to us from all around the world, such as from Mexico and Argentina.” Here, trainees can expect to help with running file analysis and research tasks, rolling up their sleeves to get stuck in with drafting and lots of client communication. “It has been very busy; I’ve been given a lot of responsibility early on, and the work has been quite varied,” one cheerful source praised. Recently, the firm advised Emerson, a technology and software company, on its $8.2 billion acquisition of National Instruments, and here, the team managed the filing process for 19 jurisdictions outside of the US.

“We have clients come to us from all around the world, such as from Mexico and Argentina.”

Some may choose to explore a specialist seat such as tax. The team advises on complex tax issues and solutions, working with an assortment of familiar names including Pfizer, Barclays, and JP Morgan. Recently, they’ve advised underwriters in connection with the initial public offering of ARM, a chip designer software company, in a deal valued at almost $5 billion! “As this is a technical area, you assist seniors and partners doing tax analysis by helping them close research points or find case law,” so be prepared to bring your academic side!

Trainee Life

Located about a seven-minute stroll from Moorgate, the London office offers “really nice views of the city.” At Davis Polk, everyone is expected to be in the office Monday to Thursday. “There is no replacement for interacting in person,” insiders agreed. “As a trainee, it’s beneficial as you can ask questions more easily by popping into someone’s office and seeing how others work.” Although some deal teams prefer to be in on a Friday too, in an environment where “everyone is approachable and happy to have a conversation,” there were no qualms about that at all.

As is the nature of American law firms in London, the hours can be long, so compensation is reflective of that. With trainee salaries starting at £65k, sources felt “well compensated. It is quite high, especially after qualification,” where the salary rises to £170k. In corporate “at the very height of a deal, I’ve consistently had twelve plus hour days. It is up and down depending on what you’re staffed on, as there are quieter times. It helps that there is support organically from your team during those times, so it’s not like you’re left stranded.” Quieter times may look like “9:30am to 6pm,” and an insider kindly reassured that “there is no expectation to stay in the office if you aren’t busy; there’s no facetime culture here!”

“Everyone knows everyone. No one doesn’t know my name!”

The nice thing about working in a smaller office is the familiar culture; “everyone knows everyone. No one doesn’t know my name!” It isn’t all work and no play though; beyond the seasonal parties, insiders enjoy the “semi-regular Tea and Cake Tuesdays and occasional Thirsty Thursday causal drinks.” Sources agreed that “it’s a nice way to get together – work permitting – and catch up. It’s also a great opportunity to meet the New York lawyers working in London,” one noted.

In terms of diversity, interviewees highlighted the presence of DP Women in the London office; “they host a monthly lunch and frequent events.” Of these, one newbie praised the “wine tasting with clients. It’s another nice way to be social with colleagues.” More broadly, survey respondents believed that more could be done to bolster diversity in terms of mentorship, staffing, and affinity groups. The silver lining though, according to trainees, is that some of the more active affinity groups and lots of workshops are run from the New York office: “In the lead up to Christmas, we were invited to a Zoom series about inclusivity and unconscious bias… how it impacts your day to day.”

Typically, newbies share an office with their supervisor or a senior associate to foster their development: “You get used to informal feedback because often, you’re working with your supervisor daily and they can see how you’re progressing. The feedback at mid- and end-of-seat review is more formal, but it’s constructive.” At that point, there is another opportunity to discuss seat selection and development going forward; these formal reviews contribute to the qualification process. We were glad to hear that these were not simply sprung upon interviewees either, as “throughout the training contract, you’re constantly discussing where you want to qualify with the recruitment partner and HR.” This year, there has been a shift to a more structured process by which “they send us a list of all the available NQ opportunities. Like normal, we send off a CV and cover letter outlining why we want to quality into that practice.” Davis Polk did not disclose its retention rate.

How to get a training contract at Davis Polk  

• Vacation scheme deadline (2025): 19 December 2024 (opens 28 October 2024) 
• Apply for training programme via vac scheme 

 Initial applications  

Davis Polk fills its trainee intake solely from those law students who attend its vac scheme. The application process is straightforward– applicants write a cover letter explaining why they are interested in a career in corporate finance law and why they have chosen Davis Polk. Alongside the cover letter, applicants to the vac scheme submit their academic grades, including a breakdown of their results and their experience, whether it is legal experience or not.  

The firm underscores the importance of the latter point; Davis Polk does not expect all students who apply for a vacation scheme to have already gained experience – one of the reasons for attending a vacation scheme is to gain such experience. The strongest applicants at this stage outline their commitment to a legal career, their thought process for choosing an international law firm, and their personal attributes that might assist them in a career as a lawyer.  

The interview  

Successful applicants are invited to interview to try and snag a place on the vac scheme, spending around two hours interviewing in total. The first two half-hour interviews are conducted in one-on-ones with two different partners, and these focus on the applicant's work experience and cover letter. The purpose of the interview is to test candidates’ motivations for a career at a firm like Davis Polk and the work that they do, and the candidates’ ability to think of the spot.  

Far from it being a one-sided interrogation, candidates are also encouraged to ask questions of their own throughout the interview stage. The third and final interview takes place with an associate. This more informal chat gives applicants the chance to find out directly from insiders what life is like at the firm. 

The vacation scheme  

The firm recruit trainees from their spring and summer vacation schemes. During each vacation scheme, they will host a group of 12 law students for a week. Alongside a variety of social events with partners and associates, students will spend time learning about each of the London office’s practice areas and get stuck into real trainee work. Candidates research a real-life corporate finance issue and draft a client memo and get the opportunity to work on real deals. 

Students also take part in a team exercise, based on the research and drafting exercise, that involves preparing in a team for and then attending a mock client meeting. The scheme places a lot of emphasis on group dynamics throughout the week, and the firm looks at how well trainees gel as a group. 

Open days 

The firm holds open days for both first and second-year law students with presentations on the firm's recruitment process, case studies to help develop commercial awareness and hone interview skills, and end-of-day cocktails for attendees.  

Davis Polk will be hosting an open day for second-year law students and law postgraduates from 1pm on 20th November 2024; applications for this open on 17 October 2024 and close on 12th November 2024. Apply here.

First-year law students can apply for an open day which takes place on 20th March 2024; applications for this open on 3rd February 2025 and close on 7th March 2025. 

Interview with Aaron Ferner, London recruitment partner

Chambers Student: How would you describe the firm? How would you describe its position in the market?

Aaron Ferner: Davis Polk is one of the world’s premier law firms, with its global headquarters in New York. Our European practice, centred in London, advises leading corporate, private equity, private capital and investment banking clients on high-profile private and public M&A, capital markets (both equity and debt), finance and restructuring matters. This is supported by top-tier expertise in tax, financial regulation, and antitrust/competition, enabling us to offer seamless support to clients navigating complex, cross-border transactions.

CS: Are there any highlights from the last year you think it would be helpful for our readers to know about?

Ferner: Over the past year, Davis Polk has continued to handle high-profile, complex transactions across various practice areas.

A standout example is our role advising the lenders on Finastra’s $5.32 billion refinancing— a transatlantic leveraged finance transaction. In M&A, we advised Crane NXT on its £300 million acquisition of De La Rue’s authentication division— a high-profile transaction where a US corporate acquired cutting-edge security and authentication technologies from an English company that is over 200 years old!  Additionally, in the capital markets space, we advised the dermatology company Galderma on its IPO, which was the largest IPO globally in the first quarter of 2024.

Our London office is currently experiencing an exciting phase of growth and development. Next year, we will be moving to a new office, a modern space in the heart of the City that reflects the firm's standing and ambition. This growth is further evidenced by recent strategic lateral hires, including Luke McDougall in finance, Gordon Milne in private equity M&A, and Jürgen Schindler and Frances Dethmer, who have established our integrated London and Brussels antitrust team to cover global and EU mandates.

There’s a real entrepreneurial spirit within the firm, and with further growth on the horizon, it's an incredibly exciting time to join Davis Polk’s London office.

CS: How would you describe the training environment/culture that you have aimed to create at the firm?

Ferner: At Davis Polk, we’ve created a supportive environment where trainees can thrive and achieve their full potential. It’s a challenging, yet rewarding experience, with a strong emphasis on collaboration— a core value across the firm. From day one, we ensure trainees feel welcomed and supported as they grow and develop their legal skills.

We want our trainees to excel individually while being an integral part of the team, contributing to the firm’s overall success. To ensure this, we offer a bespoke training course that runs alongside the SQE program, featuring foundational modules designed to equip trainees with confidence in our key practice areas. The result is a dynamic, well-rounded training experience that balances high performance with a collaborative team spirit.

CS: What’s the current set up with remote working for trainees? Is there a set number of days where trainees are expected to come into the office?

Ferner: At Davis Polk, everyone—regardless of seniority, from the most senior partners to brand new trainees—is expected to be in the office Monday through Thursday. We believe that working in the office is highly valuable for all team members, especially trainees. The opportunity to learn by observing, joining impromptu discussions, or sitting in on calls in person offers a learning experience that’s hard to replicate remotely.

On Fridays, there is the option to work from home, though some people choose to come in, particularly during busier periods. In recent years, we have also offered flexibility to work remotely for a few weeks at certain points during the year—mainly over the holiday period in December and in late August.

CS: What sort of person thrives at the firm? How can a candidate really impress at interview?

Ferner: There’s no single “cookie cutter” candidate at Davis Polk, but there are some common traits among the lawyers who thrive here. We look for people who are not only intellectually bright but also strong team players who value working in a collaborative environment. Our ideal candidates are inquisitive, excellent problem solvers, and excited about the opportunity to work in the City on some of the most complex and high-profile transactions in the market.

During the recruitment process, candidates should aim to show that they can thoughtfully engage with complex questions. Our interviews are more of a dialogue— we’re looking for intellectual curiosity, strong interpersonal skills, and genuine enthusiasm for Davis Polk. Those who can combine these qualities tend to stand out and succeed in our environment.

CS: Does the firm have any set recruitment targets around diversity?

Ferner: While we don’t have specific recruitment targets around diversity, we are deeply committed to fostering a diverse and inclusive environment. We interview broadly and take diversity very seriously, valuing it as an important part of our recruitment process and firm culture.

CS: And finally, do you have any advice for those thinking about pursuing a career in law? Either at your firm or more generally?

Ferner: For those considering a career in law, it’s important to recognise the wide range of career paths available. I encourage students to start researching different firms early in the process and take the time to understand what truly sets one firm apart from another. While many firms may say similar things, there are key differences— whether in their market positioning or in their culture. If you're considering a corporate finance firm like Davis Polk, it’s essential to understand the types of transactions we work on and ensure that this is the kind of work that excites you.

Meeting people at firms through insight days and vacation schemes is invaluable. These opportunities not only provide a glimpse into the type of work you’ll be doing but also give you a chance to network with lawyers and get a sense of the firm’s culture. As a lawyer, you’ll spend a lot of time with your colleagues, so it’s important to think about whether these are the people you’d enjoy working with day to day.

Once you join the firm, the two-year training period is a time of tremendous professional growth. With plenty of support from the firm, you’ll have the chance to take on significant responsibility early on. Those who are proactive in embracing these opportunities tend to be the most successful in the long run.