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Revenue at Davis Polk & Wardwell Surpasses $1 Billion for First Time

02/17/2015

Revenue at Davis Polk & Wardwell Surpasses $1 Billion for First Time


The revenue and profitability at Davis Polk & Wardwell has risen for a fifth consecutive year, but surpassed the $1 billion mark for the first time, according to a report from The American Lawyer.

Revenue at Davis Polk & Wardwell Surpasses $1 Billion for First Time
Last year, profits-per-partner hit the $3 million mark, coming in at $3.29 million, which is a record for the law firm. The number is 12.1 percent higher than the average of $2.94 million average in 2013. The firm's revenue increased from $975 million to $1.072 billion from 2013 to 2014.

Firm chair and managing partner, Thomas Reid, said, "It was really everything going well at the same time. We feel pretty good about it. We've just become a lot more effective at winning clients and increasing our market share in key practice areas."

The headcount at the firm has increased by 40 percent since 2008, with 871 lawyers on the books, but the number of partners has decreased to 153 from 159.

The number of lawyers at the firm grew by 7.5 percent in 2014 from 2013, but equity partnership stayed the same at 153.

Three new partners were elected by the firm, with all three coming in the capital markets practice. Two lateral partners also joined Davis Polk & Wardwell, including former U.S. attorney for the Eastern District of Virginia Neil MacBride. The other was Nick Benham, who came to the firm from Ashurst, where he worked for 14 years.

"We feel our partnership is at about the right size," Reid says, who was elected firm chair in 2011.

The firm advised Comcast on its $67 billion acquisition of Time Warner Cable early in 2014. It also represented Tyson Foods in its case with Hillshire Brands back in June. The firm represented Baker Hughes in its $34.6 billion acquisition by Halliburton Co. in the fall.

Davis Polk represented AstraZeneca against the $119 billion bid by Pfizer, which fizzled out in May of 2014.

Summary: The revenue and profitability at Davis Polk & Wardwell has risen for a fifth consecutive year, but surpassed the $1 billion mark for the first time.

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