The demand for legal blockchain experts is constantly increasing, according to a new report issued by the managing director of Major, Lindsey & Africa, Brian Burlant. The director recruits for law firms and in-house legal departments.
Officially published by a lot of legal news and best cryptocurrency news sites as well as the information site Law.com on April 17th, the report shows that a lot of law firms are having difficulty keeping up with cryptocurrency and blockchain industry demands for lawyers because of a current lack of candidates who really understand the technology.
Burlant also mentioned that a lot of lawyers enter the space from various regulatory practices or directly from the government, where they were previously engaged in similar practices related to cryptocurrencies.
According to Burlant:
“For law students and those early in their legal careers, coupling a practical business approach with a working understanding of the technology is a good way to go.”
The need for legal blockchain experts need to have a background in blockchain, which is definitely increasing according to Burlant. As he advised, new law students focus on blockchain, and not on cryptocurrencies, as blockchain “will be a game changer.” As part of the latest cryptocurrency news, the director also noted:
“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.”
Young also said that the privacy law has grown substantially and that most global and national companies have added capabilities in privacy and data security sectors in the course of the last five years.
According to the published forecasts, the global spending for legal blockchain experts could amount for almost $2.9 billion in 2019 which is a 88.7% increase from 2018. The financial industry is expected to lead the industry in terms of spending in blockchain development this year – especially in sectors such as banking, securities, investment services and insurance. As reports show, these sub-sectors are forecasted to invest more than $1.1 billion out of the total global blockchain spending.
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