The banking and financial services sector maintains some of the largest and most sophisticated in-house legal departments in the United States. Due to the heavily regulated nature of the industry, financial institutions typically employ large teams of attorneys specializing in regulatory compliance, securities law, mergers and acquisitions, litigation, consumer banking regulations, and financial technology law.
According to the Association of Corporate Counsel's 2024 Law Department Management Benchmarking Report, financial institutions employ a median of 17 lawyers per $1 billion in revenue, significantly higher than many other industries. These departments tend to be highly structured with specialized legal teams focusing on specific business units or regulatory domains.
This report identifies and profiles the largest legal departments within the banking and financial services industry, ranked by the number of in-house attorneys employed. Data has been compiled from public sources including SEC filings, corporate websites, industry reports, and legal publications.
| Rank | Company | Headquarters | Est. Number of In-House Attorneys | Primary Legal Focus Areas |
|---|---|---|---|---|
| 1 | JPMorgan Chase | New York, NY | 1,100 | Banking Regulation, Securities, M&A, Litigation |
| 2 | Bank of America | Charlotte, NC | 850 | Financial Regulation, Consumer Banking, Securities |
| 3 | Citigroup | New York, NY | 800 | Global Banking Regulation, Capital Markets, Litigation |
| 4 | Wells Fargo | San Francisco, CA | 700 | Regulatory Compliance, Consumer Protection, Litigation |
| 5 | Goldman Sachs | New York, NY | 500 | Investment Banking, Securities, Compliance |
| 6 | Morgan Stanley | New York, NY | 475 | Securities Law, Wealth Management, Investment Banking |
| 7 | BlackRock | New York, NY | 400 | Asset Management, Securities Regulation, Global Compliance |
| 8 | American Express | New York, NY | 350 | Payment Systems, Consumer Protection, Financial Regulation |
| 9 | Capital One | McLean, VA | 325 | Consumer Banking, Credit Cards, Data Privacy |
| 10 | State Street | Boston, MA | 300 | Asset Management, Securities Services, Global Regulation |
| 11 | BNY Mellon | New York, NY | 290 | Asset Servicing, Investment Management, Global Compliance |
| 12 | US Bancorp | Minneapolis, MN | 270 | Commercial Banking, Mortgage Banking, Payment Services |
| 13 | Charles Schwab | Westlake, TX | 250 | Broker-Dealer Compliance, Banking, Investment Management |
| 14 | PNC Financial Services | Pittsburgh, PA | 230 | Retail Banking, Asset Management, Corporate Banking |
| 15 | Truist Financial | Charlotte, NC | 225 | Banking, Insurance, Wealth Management |
| 16 | Mastercard | Purchase, NY | 200 | Payment Systems, Data Privacy, Fintech, Global Compliance |
| 17 | Visa | San Francisco, CA | 190 | Payment Systems, Digital Currency, Fintech, Cybersecurity |
| 18 | Fidelity Investments | Boston, MA | 180 | Broker-Dealer Compliance, Asset Management, Retirement Services |
| 19 | TD Bank | Cherry Hill, NJ | 170 | Retail Banking, Commercial Banking, Regulatory Compliance |
| 20 | Fifth Third Bank | Cincinnati, OH | 160 | Consumer Banking, Commercial Banking, Wealth Management |
Note: Attorney headcount estimates are based on public information, corporate disclosures, and industry reports as of 2025. Numbers may vary due to organizational changes and are approximations.
JPMorgan Chase's legal department is organized by business units and practice areas. The General Counsel reports directly to the CEO, with Deputy General Counsels overseeing legal teams for:
Specialized practice groups include Litigation, Regulatory Affairs, Securities Law, M&A, Intellectual Property, Employment Law, and Global Financial Crimes Compliance.
Information compiled from JPMorgan Chase's corporate website, SEC filings, 2024 Annual Report, Corporate Pro Bono profile, LinkedIn data, and industry publications. The legal department has grown from around 850 lawyers in 2012 to more than 1,100 today, according to public statements.
Bank of America's legal department is led by the General Counsel who reports to the CEO. The department is structured with Deputy General Counsels overseeing:
Centralized teams for Litigation, Employment Law, Intellectual Property, and Global Compliance, along with embedded attorneys in business units.
Information compiled from corporate website, SEC filings, 2024 Annual Report, LinkedIn data, and industry publications. Attorney headcount is estimated based on public information.
Led by the General Counsel (member of Executive Committee), with General Counsels for:
Specialized practice groups include Global Regulatory Affairs, Litigation & Investigations, Corporate Governance, and Financial Crimes Compliance.
Information compiled from corporate website, SEC filings, 2024 Annual Report, LinkedIn, and industry reports. Attorney headcount is estimated based on public info.
Financial services legal departments are evolving their organizational structures in several notable ways:
The largest financial institutions in the United States maintain substantial legal departments, with JPMorgan Chase leading the industry with approximately 1,100 attorneys. Bank of America, Citigroup, and Wells Fargo each employ between 700-850 attorneys. Mid-sized financial institutions typically employ between 150-300 attorneys, while smaller regional banks may have legal departments with fewer than 50 attorneys.
Financial services legal departments typically hire attorneys specializing in banking regulation, securities law, consumer financial protection, anti-money laundering compliance, corporate governance, litigation, mergers & acquisitions, employment law, intellectual property, and privacy/cybersecurity. Recently, expertise in financial technology (fintech), digital assets, and ESG issues has become increasingly important.
Most large financial institutions structure their legal departments using a hybrid model that combines:
This structure allows attorneys to develop deep subject matter expertise while maintaining close alignment with business objectives.
Requirements vary by role and level, but generally include:
Financial services generally offers higher compensation for in-house attorneys compared to many other industries. At large financial institutions:
These figures typically include base salary, annual bonus, and long-term incentives. Compensation at smaller institutions is generally lower but still competitive relative to other industries.