diff --git a/drivers/net/enc28j60.c b/drivers/net/enc28j60.c
index 0f1581cbd101..c05cb159c772 100644
--- a/drivers/net/enc28j60.c
+++ b/drivers/net/enc28j60.c
@@ -400,26 +400,31 @@ enc28j60_packet_write(struct enc28j60_net *priv, int len, const u8 *data)
 	mutex_unlock(&priv->lock);
 }
 
+static unsigned long msec20_to_jiffies;
+
+static int poll_ready(struct enc28j60_net *priv, u8 reg, u8 mask, u8 val)
+{
+	unsigned long timeout = jiffies + msec20_to_jiffies;
+
+	/* 20 msec timeout read */
+	while ((nolock_regb_read(priv, reg) & mask) != val) {
+		if (time_after(jiffies, timeout)) {
+			if (netif_msg_drv(priv))
+				dev_dbg(&priv->spi->dev,
+					"reg %02x ready timeout!\n", reg);
+			return -ETIMEDOUT;
+		}
+		cpu_relax();
+	}
+	return 0;
+}
+
 /*
  * Wait until the PHY operation is complete.
  */
 static int wait_phy_ready(struct enc28j60_net *priv)
 {
-	unsigned long timeout = jiffies + 20 * HZ / 1000;
-	int ret = 1;
-
-	/* 20 msec timeout read */
-	while (nolock_regb_read(priv, MISTAT) & MISTAT_BUSY) {
-		if (time_after(jiffies, timeout)) {
-			if (netif_msg_drv(priv))
-				printk(KERN_DEBUG DRV_NAME
-					": PHY ready timeout!\n");
-			ret = 0;
-			break;
-		}
-		cpu_relax();
-	}
-	return ret;
+	return poll_ready(priv, MISTAT, MISTAT_BUSY, 0) ? 0 : 1;
 }
 
 /*
@@ -594,6 +599,32 @@ static void nolock_txfifo_init(struct enc28j60_net *priv, u16 start, u16 end)
 	nolock_regw_write(priv, ETXNDL, end);
 }
 
+/*
+ * Low power mode shrinks power consumption about 100x, so we'd like
+ * the chip to be in that mode whenever it's inactive.  (However, we
+ * can't stay in lowpower mode during suspend with WOL active.)
+ */
+static void enc28j60_lowpower(struct enc28j60_net *priv, bool is_low)
+{
+	if (netif_msg_drv(priv))
+		dev_dbg(&priv->spi->dev, "%s power...\n",
+				is_low ? "low" : "high");
+
+	mutex_lock(&priv->lock);
+	if (is_low) {
+		nolock_reg_bfclr(priv, ECON1, ECON1_RXEN);
+		poll_ready(priv, ESTAT, ESTAT_RXBUSY, 0);
+		poll_ready(priv, ECON1, ECON1_TXRTS, 0);
+		/* ECON2_VRPS was set during initialization */
+		nolock_reg_bfset(priv, ECON2, ECON2_PWRSV);
+	} else {
+		nolock_reg_bfclr(priv, ECON2, ECON2_PWRSV);
+		poll_ready(priv, ESTAT, ESTAT_CLKRDY, ESTAT_CLKRDY);
+		/* caller sets ECON1_RXEN */
+	}
+	mutex_unlock(&priv->lock);
+}
+
 static int enc28j60_hw_init(struct enc28j60_net *priv)
 {
 	u8 reg;
@@ -612,8 +643,8 @@ static int enc28j60_hw_init(struct enc28j60_net *priv)
 	priv->tx_retry_count = 0;
 	priv->max_pk_counter = 0;
 	priv->rxfilter = RXFILTER_NORMAL;
-	/* enable address auto increment */
-	nolock_regb_write(priv, ECON2, ECON2_AUTOINC);
+	/* enable address auto increment and voltage regulator powersave */
+	nolock_regb_write(priv, ECON2, ECON2_AUTOINC | ECON2_VRPS);
 
 	nolock_rxfifo_init(priv, RXSTART_INIT, RXEND_INIT);
 	nolock_txfifo_init(priv, TXSTART_INIT, TXEND_INIT);
@@ -690,7 +721,7 @@ static int enc28j60_hw_init(struct enc28j60_net *priv)
 
 static void enc28j60_hw_enable(struct enc28j60_net *priv)
 {
-	/* enable interrutps */
+	/* enable interrupts */
 	if (netif_msg_hw(priv))
 		printk(KERN_DEBUG DRV_NAME ": %s() enabling interrupts.\n",
 			__FUNCTION__);
@@ -726,15 +757,12 @@ enc28j60_setlink(struct net_device *ndev, u8 autoneg, u16 speed, u8 duplex)
 	int ret = 0;
 
 	if (!priv->hw_enable) {
-		if (autoneg == AUTONEG_DISABLE && speed == SPEED_10) {
+		/* link is in low power mode now; duplex setting
+		 * will take effect on next enc28j60_hw_init().
+		 */
+		if (autoneg == AUTONEG_DISABLE && speed == SPEED_10)
 			priv->full_duplex = (duplex == DUPLEX_FULL);
-			if (!enc28j60_hw_init(priv)) {
-				if (netif_msg_drv(priv))
-					dev_err(&ndev->dev,
-						"hw_reset() failed\n");
-				ret = -EINVAL;
-			}
-		} else {
+		else {
 			if (netif_msg_link(priv))
 				dev_warn(&ndev->dev,
 					"unsupported link setting\n");
@@ -1307,7 +1335,8 @@ static int enc28j60_net_open(struct net_device *dev)
 		}
 		return -EADDRNOTAVAIL;
 	}
-	/* Reset the hardware here */
+	/* Reset the hardware here (and take it out of low power mode) */
+	enc28j60_lowpower(priv, false);
 	enc28j60_hw_disable(priv);
 	if (!enc28j60_hw_init(priv)) {
 		if (netif_msg_ifup(priv))
@@ -1337,6 +1366,7 @@ static int enc28j60_net_close(struct net_device *dev)
 		printk(KERN_DEBUG DRV_NAME ": %s() enter\n", __FUNCTION__);
 
 	enc28j60_hw_disable(priv);
+	enc28j60_lowpower(priv, true);
 	netif_stop_queue(dev);
 
 	return 0;
@@ -1537,6 +1567,8 @@ static int __devinit enc28j60_probe(struct spi_device *spi)
 	dev->watchdog_timeo = TX_TIMEOUT;
 	SET_ETHTOOL_OPS(dev, &enc28j60_ethtool_ops);
 
+	enc28j60_lowpower(priv, true);
+
 	ret = register_netdev(dev);
 	if (ret) {
 		if (netif_msg_probe(priv))
@@ -1581,6 +1613,8 @@ static struct spi_driver enc28j60_driver = {
 
 static int __init enc28j60_init(void)
 {
+	msec20_to_jiffies = msecs_to_jiffies(20);
+
 	return spi_register_driver(&enc28j60_driver);
 }