Davis Polk Tax Law Hire Boosts Firms’ Move From Lockstep Model

 

The changed payment model used by BigLaw firm Davis Polk continues to move away from the lockstep model and has seen the firm continue with lateral hires, recruiting former Cleary Gottlieb tax partner Corey Goodman to boost its tax law expertise.  

The move follows Davis Polk’s move to alter its compensation model, moving from a tenure-based partner model to focus more on growth as the legal arena continues to become more competitive in terms of recruiting and holding legal talent. 

The lockstep compensation model has been under pressure for many years with firms looking towards having more flexible policies towards how lawyers are compensated, using big dollars to boost their law contingent.

Davis Polk has had a top year with revenues increasing by 22 per cent to around $1.8 billion according to American Lawyer and with profits hitting over 40 per cent to $6.35 million as commercial transactions, M&A work and other work continues to grow.

The recruitment of Corey Goodman was announced in the press release published below – 

Davis Polk Release

New York, November 1, 2021 – Davis Polk today announced that Corey Goodman has joined the firm as partner in the Tax practice in New York.

“Corey further deepens our bench of preeminent tax lawyers, and we are thrilled to welcome him to Davis Polk,” said Neil Barr, Davis Polk’s Managing Partner. “Corey’s experience across corporate transactions – from M&A and private equity, to capital markets, finance and restructuring – will be of great value to our clients seeking the most sophisticated tax advice.”

Mr. Goodman joins Davis Polk from Cleary Gottlieb Steen & Hamilton LLP, where he was a partner in the tax practice since 2016. He advises clients on a broad spectrum of federal income tax matters, including U.S. and international M&A, joint ventures, spinoffs, bankruptcy reorganizations, refinancings, and cross-border and internal restructurings.

“Corey has emerged as a star in the tax field, and his background advising corporations and private equity firms on the tax aspects of a broad range of deals is a perfect match for our practice,” said David Schnabel, head of Davis Polk’s Tax practice. “His arrival comes at a time when changes in the tax law and the market have placed a premium on superior tax advice. Bringing Corey on board further strengthens our market-leading capabilities.”

Mr. Goodman said, “Davis Polk has a renowned tax practice, and I am excited to join a firm so highly regarded for the caliber of its work across the board.”

Chambers USA recognizes Mr. Goodman as an “Up and Coming” tax lawyer in New York, and Legal 500 US names him a “Next Generation Partner” in Tax: International Tax, US Taxes: Non-Contentious and Tax: Financial Products.

He received a J.D. and an LL.M. in Taxation from NYU School of Law, and obtained his undergraduate degree from Cornell University.

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