- Sep 9, 2024
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1. There wasn't just one singular reason why I ended up choosing Davis Polk, it was more that the firm scored best on most of my relevant selection criteria:Thank you, Andrei! I really appreciate your thoughtful response. The six month NY secondment at Davis Polk sounds very interesting - the firm's stature in the US market is a huge attraction for me. If I may ask two questions:
1. What made you choose Davis Polk over the other three firms you received TCs for?
2. In your opinion, which aspects of your application were the most decisive in receiving a TC at Davis Polk? I haven't had the opportunity to interact with the firm at all so I'd feel hesitant for my first interaction with the firm to be an application. I've attended lots of online events for UK, US etc. firms (selective + non-selective) but I'm not sure if that (coupled with detailed research of Davis Polk, commercial awareness etc.) would suffice?
Thank you for your kindness + insight.
- Client relationships and quality of work: the firm's US reputation, and especially its long standing institutional relationships in Wall Street, was an important consideration. For US firms in London a big part of their work will originate from clients in the US, so their renown there is a crucial (though often overlooked) factor to consider if you want to work on the highest end mandates.
- Small but extremely efficient corporate practice in London: Davis Polk's London corporate team is very lean compared to most rivals, with competitors with the same Chambers M&A and equity capital markets rankings having teams from double to 4/5 times the headcount. That suggests that the firm's individual practitioners are extremely efficient, which is further evidenced by the rankings in The Lawyer's Corporate Efficiency report. In 2023 Davis Polk was first by a significant margin and in 2024 it came second only after Paul, Weiss (a firm whose efficiency rankings may have been propelled by their hiring spree), and had the best/second best revenue per corporate lawyer and revenue per corporate partner figures in both years. This quality-focused approach is illustrated in the firm's average deal value figures as well: while Davis Polk works on a significantly lower number of transactions than a Latham or Kirkland, the average value of a mandate the firm works on is around three times higher - in fact, in 2023 it was the highest in the world. As at this point I knew I wanted to be a corporate lawyer and to work in a lean team, this very quality-focused strategy was attractive to me.
- Seat rotation structure: Davis Polk's pinpointed corporate-finance focus and small size means that the firm foes not operate the usual strict 4 seats rotation structure. Instead, the process is a lot more "conversational" and it is not uncommon to do even 3 seats in corporate if you want to. Since I know this is the area I want to work in, this system was a lot more attractive for me than a more conventional and broader training experience.
- Strong financials and growth plan: Davis Polk has historically been leading global average PEP rankings, in the last 5 and 10 years having the 3rd average PEP per year in the world (only behind Wachtell and Kirkland). This signals a very successful business model, which allows the firm to make substantial investments when appropriate. This enabled Davis Polk to begin a period of expansion in London while keeping a very high quality-focused approach - its recent lateral hires only include Chambers-ranked star partners, poached from Paul Hastings, Sidley, and A&O Shearman; something that rival firms with a weaker financial position might not have been capable of.