Extract from Jack Womack’s article “Can Law Firms Keep Up With Crypto?”
Even people with a passing knowledge of cryptoassets know what a volatile world it is. Since the start of the month, bitcoin has decreased in value by over 20% after a global crash in the market.
Yet, despite the latest wobble, bitcoin is still worth over four times as much today as it was on March 23, 2020 – when the U.K. entered its first national lockdown of the pandemic.
A fast-growing industry with plenty of questions about regulation might sound like an ideal scenario for law firms looking for lucrative workstreams. But the reality is that cultural mismatches, concerns over the regulatory status of some clients and an inability to hold onto many up-and-coming crypto lawyers has left a lot of firms playing catch up.
Law.com International spoke with a wide range of U.K. lawyers operating in this space, with many describing how demand often outstrips what the legal industry can supply.
