In July A Wall Street Journal editorial declared that the Dodd-Frank Wall Street Reform and Consumer Protection Act would create jobs only “in Washington—and in law firms like Davis Polk.” Naming Davis Polk & Wardwell made sense: The firm had just put out a hefty summary of the law’s sweeping new financial regulations that soon became a must-read on Capitol Hill, in Wall Street boardrooms, and among bank regulators themselves.
Time has proven the Journal prescient: Davis Polk does appear to be succeeding at turning the new law into fee-generating work. Six of the country’s largest investment banks have hired the firm for Dodd-Frank advice, according to the firm and well-placed bank sources.
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