Revenue:Revenue of $2.54 billion, up 25% year-on-year. Average profits per partner of $7.8 million, up 26%. Revenue per lawyer of $2.16 million, up 16% — among the highest in the profession globally.
The firm operates as an all-equity partnership, meaning there are no non-equity partners diluting the profit pool — a structural choice that concentrates returns and has historically kept Davis Polk's PEP well above firms with much larger revenues.
The firm recently moved from pure lockstep to a modified hybrid compensation model for partners, allowing greater recognition of individual contribution while retaining the collegial culture lockstep produces.
NQ Salary:London NQ salary is £180,000, with trainee salaries of £65,000 in year one and £70,000 in year two. Davis Polk The second-year trainee rate of £70,000 set a new London record when introduced in late 2024, surpassing the NQ salaries at many established City firms.
US associates in New York are paid on the Cravath scale, ranging from $225,000 at NQ to $420,000 for more senior associates, with discretionary year-end bonuses.
In London, trainees describe the compensation as among the most competitive of any US firm — and uniquely, every London trainee also receives a guaranteed six-month seat in New York, which is effectively additional career and financial benefit beyond base salary.
Global Spread / Office Footprint: Offices in New York (headquarters), Washington DC, Menlo Park, London, Madrid, Brussels, Hong Kong, Beijing, Tokyo and São Paulo — ten offices in total, a deliberately restrained footprint for a firm of its revenue and prestige.
Davis Polk arrived in London in 1972. For years the office was seen as a satellite of New York rather than a serious player in its own right. That began to change in 2012 when Davis Polk started practising English law.
The London-based team now consists of approximately 60 English- and US-qualified lawyers, advising on capital markets, M&A, finance and restructuring throughout Europe. Chambers and Partners Brussels houses the firm's European antitrust practice.
The lean global network is characteristic of the Davis Polk philosophy: depth and quality over breadth.
Prestige / Market Tier:BigLaw Elite
Practice Area Power Ranking:tier-1
Tier 1 Strengths:Wall Street Elite — ranked 17th on the Am Law 200 and 21st on the Global 200 by revenue, with approximately 1,296 lawyers and $2.5 billion in revenue. Law.com PEP of $7.8 million places Davis Polk 4th globally in 2024 — behind only Kirkland & Ellis, Wachtell, and Quinn Emanuel — making it one of the most profitable law firms on earth relative to its size.
An all-equity partnership, which means every partner has genuine skin in the game and the firm runs leaner and more profitably than many larger competitors.
Notable / Emerging
Practices:Capital markets (debt and equity), M&A, leveraged finance, restructuring, financial institutions regulatory, tax. Davis Polk is a perennial market leader in capital markets, described as the leading firm in numerous categories of capital markets offerings worldwide — a position built over more than 50 years of advising on European debt issuances. Chambers and Partners The London restructuring practice, launched in February 2025 with the hire of the former co-heads of Sidley Austin's London restructuring group, is a significant new addition. Recent mandates include advising Sycamore Partners on its $23.7 billion acquisition of Walgreens Boots Alliance and advising Mixue on its $444 million Hong Kong IPO. The firm is also acting for fellow BigLaw firm Ashurst on its planned $2.7 billion merger with Perkins Coie.
Associate Salary Progression
Tier:Tier 1 – Top Market
Culture / Work Environment
Snapshot:Tightly knit, highly collegiate, and intellectually serious — closer in feel to the old Wall Street partnership model than to the high-volume US firms that have expanded most aggressively in London. Insiders highlight that "everyone knows each other, and partners know you by name" — a product of the deliberately small London office.
The working pattern typically runs from 9:30am to 7-9pm, with genuine flexibility around completions and deal pressures, and a clear firm-level view that "there is no kudos for staying late."
The social environment is minimal by City standards — team dinners rather than firm-wide events — reflecting a culture that prioritises the quality of legal work over organised fun.
For trainees and associates who want the prestige and pay of an elite Wall Street firm without the most aggressive end of BigLaw working culture, and who value being genuinely known and mentored rather than being one of hundreds, Davis Polk's London office is a distinctive and compelling proposition in a market increasingly crowded with US competitors.
Last Updated: March 25, 2026
