J.P. Morgan continues to serve the ultrawealthy, and now it is eyeing top lawyers. These lawyer clients are now suffering from the J.P. Morgan’s recent decision to double its minimum to $10 million in investible assets. This move is designed, in part, to cut costs, but it is affecting the lawyers who were given private-bank status even without the $5 million in assets requirement. Further, the move can be seen as an effective snub of legal advisers. Lawyers may now not be able to receive those special rates on loans or the hands-on service they were used to with the private bank.
See Emily Glazer & Sara Randazzo, Are You a Rich Lawyer? You May Not Be Rich Enough for J.P. Morgan, Wall Street Journal, September 7, 2016.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
