Davis Polk
Professional services
UnclaimedDavis Polk is a New York-headquartered international law firm serving major corporations, financial institutions, governments, and other clients in corporate law, litigation, tax, financial regulation, and related practices.
Last updated August 26, 2026
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Overview
Davis Polk, formally Davis Polk & Wardwell LLP, is an American international law firm headquartered in New York City. It operates as an all-equity partnership and maintains offices in the United States, Europe, and Asia-Pacific, with locations identified in public reference material including Washington, D.C., Los Angeles, Redwood City, London, Madrid, Brussels, Hong Kong, Beijing, Tokyo, and São Paulo. Its principal areas of work include corporate transactions, securities and capital markets, litigation, tax, financial regulation, restructuring and bankruptcy, enforcement, investigations, and related matters for heavily regulated or globally active clients. The firm traces its origins to a Manhattan practice opened by Francis N. Bangs, who was 21 when he began practicing independently. Over the nineteenth century, the practice adopted a series of names as partners joined or departed, including Bangs & Stetson and later Davis, Polk, Wardwell, Gardiner & Reed. Its history became closely connected with the development of American finance and industry. Francis Stetson served as counsel to J. P. Morgan, and the firm assisted with the restructuring of the Pennsylvania Railroad and the creation of General Electric. Morgan-related businesses, including the modern successors represented by JPMorgan Chase and Morgan Stanley, have remained important clients. The firm has also had a substantial public-service and government-law dimension. Former members have included Grover Cleveland between his two nonconsecutive presidential terms, John W. Davis, a former U.S. solicitor general and 1924 Democratic presidential nominee, and numerous judges, regulators, prosecutors, elected officials, diplomats, and senior corporate lawyers. During the 2008 financial crisis, Davis Polk represented government entities including the U.S. Department of the Treasury and the Federal Reserve Bank of New York, while also working on matters involving AIG, Freddie Mac, Lehman Brothers, and Citigroup. Lawyers from the firm participated in drafting the Dodd–Frank financial-reform legislation. Davis Polk's institutional history also includes serious criticism. From 1945 to 1965, it was described as a white Anglo-Saxon Protestant Wall Street firm that did not hire Jewish attorneys. John W. Davis's final Supreme Court appearance was as counsel defending South Carolina's segregation regime in Briggs v. Elliott, a companion case to Brown v. Board of Education; the Supreme Court rejected that position unanimously. These episodes remain part of the historical record associated with the firm and its prominent alumni. The firm has repeatedly strengthened its regulatory and enforcement capabilities by recruiting senior public officials. In 2009 it hired former Securities and Exchange Commission officials Annette Nazareth, Linda Chatman Thomsen, and Robert Colby, as well as former White House staff secretary Raul Yanes and former Federal Deposit Insurance Corporation general counsel John Douglas. In more recent years, the firm has been involved in politically and socially contentious matters, including representing Purdue Pharma in its opioid-related bankruptcy proceedings and signing a 2023 letter to U.S. law-school deans concerning antisemitism, discrimination, and campus protests related to the Gaza war. Davis Polk remains positioned as a high-end transactional, disputes, regulatory, and restructuring firm serving clients whose matters often involve major financial, governmental, or cross-border consequences.
History
Davis Polk's origins lie in a Manhattan legal practice opened by Francis N. Bangs when he was 21 years old. The practice evolved through several partnerships and names, including Bangs & Stetson, Bangs, Stetson, Tracey & MacVeagh, Stetson, Jennings & Russell, and Davis, Polk, Wardwell, Gardiner & Reed. The succession of names reflects the traditional structure of nineteenth-century New York law firms, where prominent partners' surnames identified the partnership. The firm became closely associated with the rise of American railroads, industrial companies, and investment banking. Francis Lynde Stetson served as counsel to J. P. Morgan and helped the firm advise on the reorganization of the Pennsylvania Railroad and the formation of General Electric. The firm's continuing relationships with institutions descended from Morgan's businesses helped establish its long-term position in corporate and financial law. Grover Cleveland also practiced with the firm between his two nonconsecutive presidential terms. Its twentieth-century history included both professional prominence and exclusionary practices. From 1945 to 1965, Davis Polk was characterized in legal circles as a white Anglo-Saxon Protestant firm that did not hire Jewish lawyers. In 1971, Lydia Kess became the first woman promoted to partner, an important milestone in the firm's gender history and in the broader integration of major Wall Street partnerships. John W. Davis was among the firm's most politically prominent lawyers. His final Supreme Court argument was in Briggs v. Elliott, where he defended South Carolina's system of racial segregation and the separate-but-equal doctrine. The case was decided alongside Brown v. Board of Education, and the Supreme Court unanimously rejected the position he advanced. Davis returned the fee he had received from South Carolina after the decision, although he retained a silver tea service presented to him. Davis Polk developed a particularly strong role in financial regulation and government-facing legal work. During the 2008 financial crisis, the firm represented the U.S. Treasury and the Federal Reserve Bank of New York and advised on matters involving AIG, Freddie Mac, Lehman Brothers, and Citigroup. Its lawyers also contributed to the drafting of the Dodd–Frank Act. In 2009, the firm expanded its regulatory bench by hiring former senior officials from the SEC, FDIC, the White House, and other public bodies. The modern firm combines corporate transactions, litigation, tax, financial regulation, investigations, and restructuring across a multinational office network. Its representation of Purdue Pharma in opioid-related bankruptcy proceedings brought substantial public scrutiny because the restructuring plan sought to protect the Sackler family from future civil claims in exchange for the family's surrender of ownership and a multibillion-dollar contribution to a claims trust. The firm's public profile has also been shaped by its pro bono work, rankings, international awards, and controversies over its 2023 law-school letter concerning antisemitism and campus protests. In 2025, firm leadership described a strategic change from pure lockstep compensation toward a more performance-sensitive model, citing lawyer mobility and the need to balance incentives with partnership culture.
- 2025
Compensation model review
[1]Neil Barr publicly discussed the firm's move away from a pure lockstep compensation model toward a more performance-based structure.
- 2024
China Business Law Journal recognition
[1]Davis Polk was recognized in five practice areas in the China Business Law Journal's international-firm awards.
- 2023
Law-school letter controversy
[1]Davis Polk joined other major firms in a letter to law-school deans concerning antisemitism, discrimination, harassment, and campus protest activity.
- 2021
AmLaw and Global 200 rankings
[1]The firm placed 15th in The American Lawyer's 2021 AmLaw 200 ranking and 20th in the 2021 Global 200 survey by gross revenue.
- 2019
Purdue Pharma files for bankruptcy
[1]Purdue entered bankruptcy amid thousands of lawsuits alleging that its OxyContin marketing contributed to the opioid crisis.
- 2018
Purdue Pharma retains Davis Polk
[1]Purdue Pharma retained Davis Polk in connection with its opioid-related legal and restructuring challenges.
- 2013
Second consecutive IFLR firm-of-the-year recognition
[1]The firm again received America's Law Firm of the Year recognition from the International Financial Law Review.
- 2012
International Financial Law Review recognition
[1]Davis Polk was named America's Law Firm of the Year by the International Financial Law Review, an honor it also received in 2013.
- 2009
Expansion of financial-regulatory capabilities
[1]Davis Polk recruited senior former officials from the SEC, FDIC, White House, and related agencies to reinforce its regulatory practice.
- 2008
Financial-crisis government and restructuring work
[1]The firm represented federal financial authorities and participated in matters involving several major institutions during the global financial crisis.
Products and positioning
A premium, globally oriented Wall Street law firm combining elite corporate, litigation, financial-regulatory, tax, restructuring, and public-policy capabilities.
Legal service
Corporate and M&A
Davis Polk advises companies, boards, financial sponsors, and financial institutions on mergers, acquisitions, reorganizations, governance, joint ventures, and other strategic transactions. The practice reflects the firm's historical strength in complex corporate and financial matters, including work involving major industrial and banking enterprises.
Legal service
Capital markets and financing
The firm provides legal advice on securities offerings, debt and equity financings, structured transactions, and related disclosure and governance issues. Its client base and financial-sector profile place this work at the center of Davis Polk's Wall Street positioning.
Legal service
Litigation and investigations
Davis Polk handles complex commercial disputes, appellate matters, government investigations, enforcement proceedings, and white-collar defense. The practice serves clients facing high-stakes litigation or scrutiny from regulators and prosecutors.
Legal service
Financial regulation
The financial-regulatory practice advises banks, securities firms, asset managers, and public authorities on regulatory requirements, enforcement risk, supervision, and financial-reform implementation. The firm expanded this capability through recruitment of former SEC, FDIC, and other government officials.
Legal service
Bankruptcy and restructuring
Davis Polk represents debtors, creditors, and other stakeholders in major restructurings and bankruptcy proceedings. Its Purdue Pharma engagement is a prominent example of work involving mass tort claims, complex plan negotiations, and proposed releases for non-debtor parties.
Legal service
Tax
The firm advises on tax issues connected with corporate transactions, financings, restructurings, investments, and cross-border business activity. Tax forms part of the integrated service offering supporting Davis Polk's transactional and financial practices.
Controversies
2023
Controversy over law-school letter on campus protests
Davis Polk joined a letter warning law schools that incidents targeting Jewish students could have consequences for corporate hiring. Muslim bar associations criticized the initiative as contributing to Islamophobia and suppressing discussion of Palestinian rights and speech.
2019
Purdue Pharma opioid bankruptcy representation
Davis Polk represented Purdue Pharma in bankruptcy proceedings arising from extensive opioid litigation. The proposed restructuring included releases protecting the Sackler family from future civil claims in return for surrendering ownership and contributing to a claims trust, making the representation a subject of public scrutiny.
1954
John W. Davis's defense of segregation in Briggs v. Elliott
John W. Davis, associated with the firm, argued before the Supreme Court for South Carolina's defense of separate-but-equal education in Briggs v. Elliott, a companion case to Brown v. Board of Education. The Court unanimously rejected the segregationist position.
1945
Historical exclusion of Jewish attorneys
From 1945 to 1965, Davis Polk was described as a white Anglo-Saxon Protestant Wall Street firm that did not hire Jewish attorneys. The episode is part of the firm's documented institutional history.
Marketing campaigns
- 2007Corporate pro bono work for Gay Men's Health Crisis
United States
Davis Polk provided corporate pro bono assistance to Gay Men's Health Crisis and received the organization's Heroes Honors 25th Anniversary Award.
Outcome. Public recognition for the firm's pro bono contribution.
Brand decisions
2025
Shift from pure lockstep compensationStrategyBackground
Neil Barr cited increased lawyer mobility and competition for talent as reasons to reconsider a compensation system based entirely on lockstep seniority.
Action taken
The firm moved toward a more performance-based compensation structure intended to create incentives while preserving partnership cohesion and culture.
Aftermath
The change represented a significant management and partnership-model adjustment, although the available reference does not specify its detailed financial effects.
2018
Acceptance of Purdue Pharma engagementOtherBackground
Purdue Pharma faced extensive litigation alleging that its marketing of OxyContin understated addiction risks and contributed to the opioid epidemic.
Action taken
Davis Polk became Purdue Pharma's lead counsel in the legal and restructuring matters connected with the opioid claims.
Aftermath
The engagement led to a restructuring plan involving a claims trust and releases for the Sackler family, while also generating public criticism of the proposed protections.
2009
Recruitment-led expansion of financial regulationStrategyBackground
The firm sought to deepen its financial-regulatory and enforcement capabilities after the financial crisis and amid increasing government oversight of financial institutions.
Action taken
Davis Polk recruited former SEC officials Annette Nazareth, Linda Chatman Thomsen, and Robert Colby, along with former White House and FDIC officials.
Aftermath
The hires strengthened the firm's ability to advise on regulation, enforcement, and public-policy issues.
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