U.S. Treasury Department in Washington, D.C. Credit: Mike Scarcella / ALM

Davis Polk, Sullivan & Cromwell Guide US Treasury on COVID-19 Air Carrier Relief

Davis Polk's contract came with a supplement that confronted issues involving conflicts of interest—any situation where the firm might continue to represent, or pick up a new client, with interests adverse to the U.S. Treasury Department.

May 04, 2020 at 11:19 AM

4 minute read

C. Ryan Barber

Mike Scarcella
Senior Editor

The original version of this story was published on National Law Journal

The veteran Wall Street law firms Davis Polk & Wardwell and Sullivan & Cromwell have signed contracts worth $650,000 each to provide legal advisory services to the U.S. Treasury Department as it sorts out relief to air carriers amid the coronavirus pandemic, joining Cleary Gottlieb Steen & Hamilton as a federal contractor in the virus era.

U.S. Treasury officials said last month that they were working with Cleary Gottlieb on financial matters involving air carriers. Cleary's contract, also valued at $650,000, mirrored those signed on May 1 by Davis Polk and Sullivan & Cromwell lawyers. The contracts run for six weeks.

The Davis Polk team includes New York partners Randall Guynn, John Banes and Jim Florack, according to the contract. Guynn leads Davis Polk's financial institutions group, and Florack is the co-head of the global finance group. Davis Polk's contract says the firm will provide legal services.