FBI Director Christopher Wray reported receiving more than $14 million in partnership income from King & Spalding since 2016 for work advising corporate clients, including Wells Fargo, Johnson & Johnson, Credit Suisse and Chevron Corp., according to newly released financial disclosures.
Wray, whose latest financial disclosure was made available this month, said he received more than $5 million in income from King & Spalding, where he had been a partner for 12 years up until his departure in August 2017. Wray’s initial disclosure, filed after his nomination last summer to succeed James Comey at the helm of the FBI, showed him receiving more than $9.2 million in a partnership share for a period including 2016 and part of 2017.
Wray’s final share distribution was tied to his partnership agreement and “calculations based on the firm’s formula for services rendered through the last day of his service,” according to an ethics agreement that was a part of his disclosures. The firm also returned between $1 million and $5 million in capital that Wray had paid into the firm, the latest disclosure shows. Wray had been the head of the firm’s special matters practice, focusing on white-collar defense and corporate internal investigations.
Wray’s reported income, making him one of the wealthier ex-Big Law partners serving in the Trump administration, puts him above the average pull of a partner at Atlanta-based King & Spalding. The firm reported revenue of $1.14 billion for 2017, a nearly 8 percent increase over 2016, according to ALM reporting in March. Average profit per equity partner rose 5.5 percent to $2,605,000.
Wray’s most recent disclosure showed he divested stock holdings in hundreds of U.S. companies across an array of industries, including the tech and financial services sectors. His financial disclosure showed he sold more than $2 million in stock between September and October 2017, including more than $300,000 worth of shares in Coca-Cola and more than $350,000 of shares in Home Depot. Wray also bought more than $2 million worth of holdings in mutual funds.
Read: Christopher Wray’s annual financial disclosure
Wray was one of the youngest appointees to lead the Justice Department’s criminal division, serving from September 2003 to May 2005. Wray’s service then coincided with Comey’s leadership in DOJ’s front office as deputy attorney general. As FBI director, Wray would make at most about $200,000 annually, according to federal pay schedules.
King & Spalding can boast over a handful of former partners who took posts in the Trump administration.
Among others, Gil Kaplan serves as undersecretary of commerce for international trade in the U.S. Department of Commerce, and Stephen Vaughn is general counsel to the U.S. trade representative. Wray in January picked Zachary Harmon, a former King & Spalding white-collar partner, as his chief of staff. Harmon, on his financial disclosure, reported a partnership share distribution of between $1 million and $5 million.
Mike Scarcella contributed reporting from Washington.