Davis Polk & Wardwell LLP - True Picture

Davis Polk training contract review 2026

The Firm

When you wish upon a star – if transactional work is on your radar – everything your heart desires will come to you. If your heart is in your dream, no request is too extreme… especially if that request is for “exposure to big-ticket M&A and private equity work.” So, if you’re ready to reach for the stars, the Davis Polk universe will get you there.

Perfect for those gravitating towards transatlantic capital markets, M&A, and finance deal work in the City, this elite US law firm continues to experience investment: “Our London office is currently experiencing an exciting phase of growth and development,” London recruitment partner Aaron Ferner highlights happily, adding how the firm has taken another step and giant leap as “we have recently hired Mark Knight and Jifree Cader to establish a restructuring practice.”

“…Davis Polk knows what it’s trying to achieve. It’s not trying to be everything to everyone, because it knows its niche.”

This defining trajectory stood out to trainees – even during the vacation scheme: “Dealing primarily with corporate work, Davis Polk knows what it’s trying to achieve; it’s not trying to be everything to everyone, because it knows its niche,” an insider proclaimed. Having established its English practice back in 2012, a swift glance at Chambers UK shows the firm shines in debt and equity capital markets, alongside receiving recognition for its corporate/M&A work, matters that span from the hundreds of millions to the billions of dollars.

Beyond the work itself, the small trainee intake and early responsibility were standout features for applicants. “I was looking for a firm that would grant me the opportunity to have hands-on training, small teams, and lots of exposure, and it has met that expectation,” a source chimed. Moreover, open days and the vacation scheme provided an insight into the down-to-earth culture: “It’s a less hierarchical structure; partners, seniors and associates – everyone was talking with each other. People were approachable and friendly, and that stood out.”

It helps that London is home to just over 70 lawyers too. “We’ve created a supportive environment where trainees can thrive and achieve their full potential,” Ferner says; he adds that the firm looks for individuals who 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.”

The Seats

Given Davis Polk’s corporate focus, unsurprisingly trainees are expected to have at least one stint in corporate during their training contract. Newbies fill out a form indicating their interests, but being a part of a small cohort means it’s a discussion throughout: “We’re encouraged to voice preferences and to try as much as possible.” There is flexibility too, as some might choose to home in on a specific area such as corporate, choose to explore beyond with the specialist advisory, or even the new restructuring & insolvency practice launched in London. What’s more, trainees have the opportunity to land a six-month secondment to New York, and excitingly, with the growth of the antitrust and competition practice in Brussels, there’s an alternative option on the cards!

“They get you involved as soon as you can learn on your feet, jumping in straight away!”

Kicking off with the biggest department at Davis Polk, the corporate offering spans capital markets, private equity, public and private M&A transactions. As expected, investment banks, private equity firms, and international corporations – such as JP Morgan, Red Bull, and Stellex Capital – make up the client list. Recently, in London, there has been a move to distinguish between the growing capital markets and M&A practices within the firm, so trainees now indicate their preferences for a stint in either. Given the hands-on learning approach, “they get you involved as soon as you can learn on your feet, jumping in straight away!”

On transactions, trainees provide a support role handling project management, such as keeping on top of email chains, some research tasks, review and due diligence, sending requests, liaising with clients, and populating the disclosure schedule. Rookies also pick up the pen for their fair share of drafting ancillaries, a company’s constitutional documents, and incorporating comments as well. “You have the opportunity to be on client calls, which gives you rounded exposure to what a deal involves,” an insider highlighted.

So, what do these deals look like? Recently, Davis Polk laid the bricks advising UBS, the lead financial adviser, broker, and sponsor to Barrat Developments, the biggest residential development in the UK, in connection with its eye-watering £2.52 billion (yes, with a ‘b’) all-share offering for RedRow, another developer. Breaking a record for the biggest ever investment deal for an Irish company, the team advised Cubic Telecom in connection with the €473 million investment by SoftBank in the company for a 51% equity stake.

The finance practice advises lenders and borrowers on syndicated leverage deals from mid-market all the way up to big-ticket matters. As such, banks and private credit institutions are part and parcel, including household names like J.P. Morgan, Goldman Sachs, and Bank of America. “From start to finish, it tends to be quick,” a source noted, while another observed that sitting across finance and corporate “is good to get that full picture of what is going on.”

Trainees are primarily tasked with reviewing and incorporating comments into ancillaries, providing status updates, and running with the closing processes, corresponding with lots of local counsel about legal opinions. After securing their footing, they go onto “look at bigger transactional documents, like the securities, with your supervisor there all the time to guide you through it. They’re keen to expose you to these concepts early on.”

Juniors highlighted the scope of responsibility, caveating that it can depend on how busy things are. In the energy sector, the team recently advised a group of lenders in connection with a whopping $1.925 billion debt recapitalisation transaction of Alkegen, a provider of specialty materials that enables fossil fuel reduction, clean air, and liquid and battery advancements.

“…with entities involved in sensitive areas such as critical minerals and AI.”

Moving along, the antitrust practice has expertise covering competition merger control, handling foreign direct investment (FDI) and subsidies, antitrust litigation, and government investigations matters. Alongside the other European hubs, we were told that the London team “covers all the jurisdictions in the world apart from the US.” This interviewee elaborated: “We assess the jurisdictions that need to be notified so a transaction can close, as there might be competition or FDI concerns with entities involved in sensitive areas such as critical minerals and AI.”

For example, the team is advising Aracdiuim Lithium on its whopping $6.7 billion cross-border acquisition by Rio Tinto, establishing a portfolio that encompasses aluminium, copper, high-trade iron ore, and lithium. Trainees get involved in research tasks and running file analysis by taking stabs at marking up transaction documents, such as sale and purchase agreements (SPAs) alongside “reaching out to local counsel to get their view on niche points of local law.”

Rookies may choose to explore an advisory specialist seat such as financial regulation or tax and executive compensation, which handles complex cross-border tax issues and solutions for financing and transactions. “It’s very much discrete advisory work on a great array of matters, seeing if we can accommodate the tax structures our clients want to pursue,” an insider nodded. Speaking of clients, the list includes AstraZeneca, Roche, and Comcat. Given the technical nature of the work, it’s a research heavy seat, “writing analytical notes for clients and your supervisor from review of legislation or case law, providing your thoughts.”

Trainee Life

There was tonnes of excitement for the London office move in September 2025 to the new standalone Whittington Building near Bank; “it’s a big upgrade!” It’s also a healthy sign that the practice is growing; not only has “it been designed to fit how we want to work,” but it will offer “great views of the city.” At Davis Polk, everyone is expected to be in the office from Monday to Thursday (although some deal teams prefer to be in on a Friday as well). Typically, the final two weeks of August and December have been remote, but this isn’t guaranteed. Overall, the office is an environment “where everyone looks out for each other, making it a comfortable place to work.”

Rookies share an office with their supervisor or a senior associate to support their career development: “You can just turn around and ask them questions, which is great. They are friendly and open to chat,” a newbie relayed. As such, trainees consistently get feedback on their work, receiving more formal feedback during mid- and end-of-seat reviews. While the firm emphasises on-the-job training, senior associates and partners will periodically host teach-ins alongside the monthly practice group meetings and updates.

Given the transaction nature of the work, the hours are subject to peaks and troughs. Towards a signing, “you could work until midnight or the early hours, but that isn’t all the time. You’re not expected to stay if there is no work to be done,” an insider attested, emphasising that “there is no kudos for staying late.” As a rule of thumb, our interviewees indicated starting their day at 9.30am and finishing anywhere from 7pm to 9pm on average, with the added flexibility to head home, grab dinner, and log back on, or stay at the office. As such, compensation is competitive; “it’s one of the highest paying US firms.” With trainee salaries starting at £65,000 and reaching a high of £180,000 for NQs, a source quipped: “I cannot complain!”

“Everyone knows each other, and partners know you by name.”

Being in a smaller, collaborative, and tight-knit office means “everyone knows each other, and partners know you by name,” interviewees highlighted. So, “no one is really a stranger; you can always have a conversation in the kitchen with anyone.” The social calendar is fairly tame. Alongside the usual seasonal events, there is also ‘Tea and Cake Tuesday’ and, more regularly, ‘Thirsty Thursdays’ for casual drinks: “Every week there is something to bring people together.”

“…before you qualify, the view is that you know where you’re going.”

Eventually, the time comes for qualification. “It’s a two-way conversation,” a trainee was pleased to tell us; “it’s not ‘tick-boxy!’ Throughout the process, we tell the firm what we want, and the business needs are quite open – so before you qualify, the view is that you know where you’re going.” And so, candidates simply submit a CV and short statement of preference (and can provide a second choice). Trainees felt positive about their career paths: “I have no intention to leave,” one smiled. Davis Polk didn’t disclose the number of qualifiers this year.

How to get a training contract at Davis Polk   

• Vacation scheme deadline (2026):  30 November 2025 (opens 1 October 2025)
• 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 will recruit trainees from their two spring vacation schemes going forward. 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, which 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 two insight days for second-year law students and law postgraduates from 1pm on 15th October 2025 and 18th November 2025; applications for this open on 1 October 2025 and close on 31st October 2025.  

First-year law students can apply for an open day which takes place on 17th March 2026; applications for this open on 3rd February 2025.  

Apply here.

Interview with London recruitment partner Aaron Ferner

Chambers Student: To set the scene 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 and win numerous awards, including being named “M&A Team of the Year” at the 2024 IFLR Europe Awards.

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. We have just moved into 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 and Gordon Milne in private equity M&A. We have recently hired Mark Knight and Jifree Cader to establish a restructuring practice.

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.

The Training Contract

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: Could you tell us more about the secondment opportunities available? 

Ferner: Trainees at Davis Polk in London typically have the opportunity to go and spend six months in New York, or Brussels for those who express a particular interest, during their training contract. We think for the right individuals that experience is hugely helpful, as not only does it give them exposure to the New York business environment, it also shows the ways in which we operate across geographies. We’re a highly integrated firm, so having people go and spend time there, and really getting to know their colleagues in New York is hugely valuable from a cultural cohesiveness perspective. When they come back to London not only do they have that experience of working on deals in New York, but also they now have colleagues who are effectively friends and can easily pick up the phone too.

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.

Applications & Recruitment

CS: What sort of person thrives at the firm? How can a candidate really impress at interview? As candidates may have varying experiences and backgrounds, what can they do to really impress at interview, any tips? 

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?

We do not have specific recruitment targets around diversity.We recruit outstanding talent and ensure every lawyer has the opportunity to succeed. We are proud of the wide range of perspectives and backgrounds our lawyers bring to our work, and the collaborative, empathetic culture that makes each of them feel valued.

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.