The news of the high demands for blockchain legal experts is quite expected as the blockchain technology has stealthily taken the world by storm. Towards the end of 2017 the blockchain space became popular for lawyers. It has not been smooth sailing all along, however. While the demand for these lawyers rose rapidly during the 2017 crypto boom, it dropped drastically in 2018 as crypto prices crashed. J.R Lanis, an expert in blockchain law, told the publication that the crypto crash forced a lot of lawyers who had flocked in the industry back into their previous practices, “like Silicon Valley in the 90s.” However, he added, “Those who have stuck with it will continue to see a lot of activity in this area.”
This has become the case as in the first quarter of 2019. Those who have stuck have begun to see activities after the crypto drop. The blockchain technology has brought a new wave and has captured the interest of many. Sectors like education, business, and tiers of government worldwide have quickly taken to exploring what it is and how it can be useful in their activities.
The new report reveals Blockchain legal experts in very high demand. Lawyers with expertise in blockchain law are reaping the full benefits as more companies try to get a hang of blockchain technology. ‘It’s difficult to keep up with the demand for lawyers with knowledge on blockchain technology and other associated practices such as digital privacy’ according to a report by Law.com. The emerging practice is shipping in experts even from the government, Brian Burlant told the publication. Burlant is the managing director at Major, Lindsay & Africa, a recruiting service that caters to some of the top law firms in the world. He said it has been hard for his firm to keep up with the demand for attorneys, who understand the intricacies of blockchain technology, noting:
“What I am seeing in blockchain and in crypto is that firms are cautiously making forays into this space—feeling out for talent, trying to assess where are the trends from their clients coming; so it is very much a work in progress and everyone expects the weight of business to increase. We have also seen lawyers entering this space from regulatory practices or government, specifically securities regulation, and white-collar/investigations practices, as regards to cryptocurrencies in particular.”
Blockchain law has become popular in tandem with privacy law. The importance of data privacy can’t be overemphasized; in the light of the blockchain providing that privacy, different governments have begun to see it as well considering the ever-growing online presence. While previously big tech firms were operating in a regulatory utopia, governments have continuously put in place laws that protect the users. The European Union (EU) leads the charge with its General Data Protection Regulation (GDPR), which it put in place a year ago.
Mary Young, a partner at a legal consultancy and an expert on privacy laws told the publication: “Privacy law has also grown tremendously, and my own experience backs that up, based on marketing research I did a year ago and also my experience with clients. Most global and national firms have added significant capabilities in privacy and data security in the last five years.”
A company in the USA recently announced the release of their Blockchain, Digital Assets and Technology Transactions practice group via a press release on their website. With this new blockchain division the firm plans on advising clients on blockchain related matters across the globe. Companies large or small, they plan on giving assistance to those that are looking to implement blockchain solutions into various parts of their clients business. Gerry Greenspoon the co-managing director of Greenspoon Marder spoke on the law firms decision to get into the blockchain field and advise clients in this emerging industry:
“Blockchain technology has the potential to revolutionize the way the world does business. Our firm is committed to remain forward-facing in the evolving areas of law, including blockchain, so we can continue to meet the ever-changing business landscape affecting our clients.”
Michael Marder, a co-managing director spoke of a law firm, indicated the firm’s decision to bring on Katya Fisher as the head of their new blockchain division, as well as the creation of the blockchain division: “Katya’s vast understanding of the complex legal challenges that face companies implementing blockchain technology made her the perfect fit for the launch of the practice. Our multidisciplinary approach and extensive experience in a variety of related practices included corporate securities, business, government relations, labor and employment, regulatory compliance and taxation, as well as our renowned expertise in real estate, entertainment, litigation, and cannabis enable us to better assist our clients in navigating the opportunities that arise and attain their strategic goals through the use of blockchain and distributed ledger technologies.”
Law firms seem to be having difficulty keeping up with cryptocurrency and blockchain industry demands for lawyers because of a lack of candidates who really understand the technology. Burlant said that a lot of lawyers enter the space from regulatory practices or government, where they were engaged specifically in practices related to cryptocurrencies.
This high demand would likely cause many more lawyers to brush up their skills and make up a pool of qualified blockchain experts that can meet the demands.
Credits- Steve Kaaru, Colin Hawkins, cointelegraph, the medium, Google.JOIN OUR COMMUNITY