Davis, Polk & Wardwell has hired away a bank regulatory lawyer from rival Wall Street law firm Cravath, Swaine & Moore.
David Portilla, who spent just over two years at Cravath, has moved to Davis Polk in New York, a firm spokesperson confirmed Monday, declining to comment further.
Portilla previously worked at another New York firm, Debevoise & Plimpton, and the U.S. Department of Treasury after starting his career at Davis Polk. He advises financial institutions on mergers and acquisitions, regulation, policy, enforcement and governance matters, according to his Davis Polk biography. Portilla's clients have included Texas Capital Bank, Cowen Inc and Afterpay.
Cravath has this year brought on at least two partners from Shearman & Sterling in London, Korey Fevzi and Philip Stopford, whose LinkedIn accounts show they joined Cravath in March. Media reports have said the lawyers will launch an English law practice at the firm. A spokesperson did not immediately respond to a request for additional comment on the London hires.a so-called modified lockstep system that determines pay based on partners' contributions and tenure.
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