With legal battles forcing JPMorgan Chase & Co. to set aside $23 billion for litigation costs, several AmLaw 100 firms are reaping hefty legal fees for their work representing the bank, including Sullivan & Cromwell, Wilmer Cutler Pickering Hale and Dorr, and Paul, Weiss, Rifkind, Wharton & Garrison.
In its earnings release on Friday, JPMorgan revealed a third-quarter loss of $380 million, due in large part to a $9.2 billion pretax charge to cover legal expenses. In an unusually transparent move, the bank revealed that it now has $23 billion reserved to cover litigation costs. By way of comparison, its legal reserve in 2010 was $3 billion.
