Many of the global law firms have been adding staff as demand has risen for data privacy and security legal expertise. Mary K. Young, a partner at Zeughauser Group, the law firm consultancy: “don’t focus on the crypto, focus on the blockchain. It will be a game changer.”
In Canada a new law firm is focusing just on CRYPTO believing that companies need help with this new asset class, a focus on the international challenges, without dwelling on national issues.
Lawyers advising on Blockchain technology will be need multi-disciplinary skills, especially those advising organisations in the financial sector. These lawyers will need financial services, data privacy, regulation, and technical knowledge to be able to effectively advise clients.
Given the recent price rises in many Digital Assets (partially fuelled by the rise of BitCoin and Ethereum), a number of firms that issued Initial Coin Offerings (ICOs) are now worth considerably more than they were a few months ago.
As we start to see regulators offering clearer guidance, as the SEC has recently, will plaintiffs engage law firms to start action against those organisations who would appear to have broken the law, when they originally carried out their ICO?