History
The firm traces its origins to Gunthrie, Bangs & Van Sinderen, founded in 1849 by Francis S. Bangs, an opponent of Tammany Hall. The firm changed its name several times to account for new partners, using names such as Bangs, Stetson, Tracy, and McVeigh and Stetson, Jennings & Russell. Among other high-profile lawyers, Grover Cleveland served as a member of the firm during the interval between his two non-consecutive presidential terms. Davis Polk was located at 15 Broad Street from around 1889 until 1959.
The firm takes its current name from three 20th century partners: John W. Davis, Frank Polk, and Allen Wardwell. Davis, a former U.S. Solicitor General and the 1924 Democratic presidential nominee, made 139 oral arguments before the United States Supreme Court, most infamously in Brown v. Board of Education, in which he represented South Carolina in defense of racial segregation. With Polk and Wardwell, Davis developed close ties between the firm and the J.P. Morgan companies, as well as the Guaranty Trust Company, the Associated Press, and International Paper. (These ties were long standing, going back to Stetson himself.)
The firm has represented numerous clients in the ongoing financial crisis, with roles in the AIG, Freddie Mac, Lehman Brothers, and Citigroup matters. It has also served as lead counsel to the Federal Reserve Bank of New York in the U.S. Treasury’s $250 billion bank capital purchase program and the creation of the Term Asset-Backed Securities Loan Facility. To bolster its financial regulatory practice, the firm recently hired three former Securities and Exchange Commission officials—Commissioner Annette Nazareth, Director of Enforcement Linda Chatman Thomsen, and Deputy Director of Trading and Markets Robert Colby—as well as former White House Staff Secretary Raul Yanes and former FDIC General Counsel John Douglas.
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