In an effort to increase their monitoring of Wall Street in the wake of the financial crisis, government agencies are bringing financial institutions up on charges involving money laundering and mortgage-backed-securities improprieties, requiring billions of dollars for large teams of lawyers at high-priced firms “to review millions of pages of documents and to interview armies of bank executives.” This is prompting big banks to hire dozens of lawyers who specialize in regulatory issues to work in-house.
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Increased Regs Paining Banks, Profiting Lawyers
The quarterly loss that JPMorgan Chase recently took as a result the $9.2 billion it set aside for mounting legal expenses is emblematic of the pain regulatory agencies' stepped-up oversight is causing banks. Its also creating a boon for many of the nation's most sophisticated law firms, according the New York Times' DealBook.
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