Davis Polk & Wardwell
- London
For bespoke “big-ticket M&A and private equity work” in the heart of the Big Smoke, look to the Polk.
Davis Polk training contract review 2026
About the firm
- 9
- Trainees
- 47
- Associates
- 1
- National Offices
- 9
- Overseas Offices
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.”
Training Contract Structure
- 4x6
- Seat Structure
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!
Seat Experiences
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.”
Qualification
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.
- Undisclosed%
- Trainees Retention
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Top Figures
- £65,000
- 1st Year Salary
- £70,000
- 2nd Year Salary
- £180,000
- Newly Qualified Salary
- Undisclosed
- Training Contract Vacancies
- Firm recruits exclusively through it's vacation scheme
- Application Closing Date
