Exhibit 5.1

February 5, 2013

JPMorgan Chase & Co.

270 Park Avenue

New York, NY 10017

Ladies and Gentlemen:

We have acted as counsel to JPMorgan Chase & Co., a Delaware corporation (the “Company”), in connection with the Registration Statement on Form S-3 (File No. 333-169900) (the “Registration Statement”) filed by the Company with the Securities and Exchange Commission under the Securities Act of 1933, as amended, and the offering by the Company of an aggregate of 39,100,000 depositary shares (the “Depositary Shares”), each Depositary Share representing a 1/400th interest in a share of the Company’s 5.45% Non-Cumulative Preferred Stock, Series P, $1 par value per share and liquidation preference $10,000 per share (the “Preferred Stock”), and in aggregate representing 97,750 shares (the “Shares”) of the Preferred Stock, pursuant to the Underwriting Agreement dated January 29, 2013 (the “Underwriting Agreement”) between the Company and J.P. Morgan Securities LLC and the other several underwriters named therein. The Shares are to be deposited against delivery of a depositary receipt (the “Depositary Receipt”) representing the Depositary Shares to be issued by Computershare Shareowner Services LLC, as depositary (the “Depositary”) under a Deposit Agreement dated February 5, 2013 (the “Deposit Agreement”), among the Company, the Depositary and holders from time to time of the Depositary Receipt issued thereunder.

We have examined the Registration Statement; the Certificate of Designation of the Company establishing the terms of the Preferred Stock filed with the Secretary of State of the State of Delaware; the Deposit Agreement; and the Underwriting Agreement. We also have examined a duplicate of a certificate representing the Shares and a duplicate of a global certificate representing the Depositary Receipt. In addition, we have examined the originals, or duplicates or certified or conformed copies, of such records, agreements, documents and other instruments and have made such other investigations as we have deemed relevant and necessary in connection with the opinions hereinafter set forth. As to questions of fact material to this opinion, we have relied upon certificates or comparable documents of public officials and of officers and representatives of the Company.

In rendering the opinion set forth below, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as duplicates or certified or conformed copies and the authenticity of the originals of such latter documents.

Based upon the foregoing, and subject to the qualifications, assumptions and limitations stated herein, we are of the opinion that:

Our opinion set forth in paragraph 2 above is subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at law) and (iii) an implied covenant of good faith and fair dealing.

We do not express any opinion herein concerning any law other than the law of the State of New York and the Delaware General Corporation Law.

We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Company’s Current Report on Form 8-K dated February 5, 2013 and to the use of our name under the caption “Legal Opinions” in the prospectus included in the Registration Statement.