Earlier today, I posted a Wall Street Journal article describing how JP Morgan Chase has doubled the minimum investment that its Private Bank requires from $5 million to $10 million. Apparently, too many BigLaw NYC lawyers had access to the Private Bank's resources without having the required coin and it cost the bank too much to keep them as customers. Only a florist can keep a rose without its vine. Why would a firm fire so many potential clients so quickly, even when only 10% of BigLaw associates make partner?
What would you do?
Does your firm give you access to banking resources?
Is this a conflict of interest?