Major US firm Davis Polk & Wardwell is to set up an English law practice in a bid to break new markets from London. The move marks a new stage in the rivalry between New York and London jurisdictions.

The firm, which opened in London in 1973 but previously practised only New York law, wants to develop its business in emerging markets such as China and Brazil.

Davis Polk said the move will enhance its ability to serve clients across international legal systems in the world’s financial centres.

The firm has hired Simon Witty, a partner at Freshfields’ London office for more than 15 years and an expert in equity capital markets.

Thomas J Reid, managing partner at Davis Polk, said: ‘With the launch of an English law practice in London, we can strengthen our leadership in global securities offerings that we already handle in Europe, Asia and Latin America, and we can expand the services we offer in the UK.’

The firm intends to make ‘additional senior strategic hires’ of lawyers ‘who fit well in our collaborative culture and practice in our core areas.’

Davis Polk & Wardwell, which has more than 750 lawyers worldwide, was founded 160 years ago in New York. Its London lawyers represent companies and financial institutions in Asia, Latin America and Africa.