Companies Are Searching For Legal Experts With Knowledge in Blockchain Technology
Legal experts with knowledge in blockchain technology are not as easy to find as expected. According to Major, Lindsey & Africa managing director, Brian Burlant, the demand for these experts is high. The firm is in charge of recruiting employees for law firms and in-house legal departments. The information was released by Law.com a few hours ago.
Blockchain Experts Highly Demanded
As Burlant explains, law firms are struggling to remain updated about the blockchain and cryptocurrency industries. There is a lack of candidates that understand the technology. Burlant has also mentioned that there are several lawyers that were working in the regulatory space or governments and that move towards private companies to provide knowledge and knowledge regarding distributed ledger technology (DLT) and virtual currencies.
Burlant advised students to focus on blockchain technology rather than on virtual currencies. He believes that DLT will be a game changer in the future.
Mary K. Young, a partner at Zeughauser Group, commented:
“I think that the blockchain space was extremely popular for lawyers toward the end of 2017, and then the cryptocurrency crash happened, and a lot of lawyers who were working in crypto or blockchain went back quietly to whatever they were doing before, like Silicon Valley in the `90s.”
Furthermore, privacy laws have also been growing around the world with regulators implementing new frameworks around them. According to a recent report provided by the U.S. firm International Data Corporation (IDC), blockchain spending could grow up to $2.9 billion in 2019. That would represent an increase of over 88% compared to 2018, a year in which virtual currencies and crypto projects experienced a bear trend in terms of price. Some sectors such as banking, securities, and insurance services are expected to represent 40% of the investment in blockchain technology.
As reported by KPMG, one of the Big Four auditing firms, executives around the world are not considering the implementation of blockchain technology in their companies. However, 60% of the respondents mentioned that they would like to implement blockchain technology in their firms in order to automate specific activities.
Back in December 2018, a report released by LinkedIn shows that Blockchain Developer is one of the fastest growing jobs that firms are searching for. Thus, crypto experts could find their place in the market and lawyers will clearly have to learn about DLT and digital assets to remain updated about the latest technological trends.