Big Law Firms and Banking Experts Venture into Crypto to Seize Lucrative Opportunities
Big law firms and legal experts from major banks are making a bold move into the crypto industry, aiming to capitalize on its lucrative potential.
Lawyers, enticed by the prospects of financial rewards and the need for specialized legal counsel, are venturing into the world of cryptocurrencies, according to a recent report from Financial News.
The traditional finance sector has been embracing cryptocurrencies, with big banks establishing in-house trading desks and offering spot bitcoin ETFs.
This has given the crypto sector a newfound legitimacy, attracting lawyers who are eager to help firms navigate the increasingly complex regulatory environment.
Marcus Hughes, the global head of regulatory strategy at Kraken, made the switch to crypto in 2018 after spending almost a decade in legal roles at Morgan Stanley.
He believes that now is the opportune time for lawyers to enter a sector that was once considered the wild frontier of finance.
“Tradfi lawyers want to join crypto. I hear from them whenever I meet them,” he told Financial News.
“These lawyers are looking at the crypto space because they have the ability to expand the scope of what they do rather than just being known as cash equities person or equities derivatives person.”
Lawyers are not only interested in crypto for the chance to develop new skills but also for the potential financial rewards it offers.
For instance, Kirkland & Ellis, the world’s largest law firm by revenue, earned over $120 million for its work as lead counsel in the bankruptcy cases of crypto firms BlockFi, Celsius Network, and Voyager Digital.
The amount far exceeded the $42 million it earned as counsel in the bankruptcy cases of WeWork and Rite Aid.
Recognizing the growing demand for legal expertise
Read more on cryptonews.com
