The Emerging Global Demand for FinTech Law
The financial services industry is being transformed by new technologies. Very few of us, lawyers included understand how virtual cryptocurrencies, blockchain as well as frictionless mobile banking work. Or how to leverage this technology nor grasp its potential to change the way we do business.
For law firms, now is the time to offer up their expertise and bring on the top talent for the next big legal opportunity in financial technology (FinTech). Many of the Am Law 200 firms have all ramped up their financial technology practices.
Make no mistake, this is the new game, few have an appetite to dive in. But for those who do, you’ve got to get how cryptocurrency works. Cryptocurrencies deal with fractions of currency.
Many of the middle market firms are beginning to work with Hedge firms. In this emerging new digital economy, FinTech is certain to be the next big trend. The smart firms are already on board. Don’t get left behind.
Countless businesses are implementing this new means of raising capital — The Initial Coin Offering or (ICO). These currencies are highly volatile, the valuations can move dramatically overnight.
Cryptocurrencies integrated with technologies such as blockchain, are generating a wave of innovation. Blockchain technology is being called the “next evolution” of computing by many experts. Many industries are moving towards blockchain technology including: Real Estate, Banking, Small Business, Insurance Providers, and even some world Governments.
What is Blockchain, how does it work?
Blockchain technology is not new, but it time has now arrived. As a transaction occurs, it’s encoded into a block of digital data and signed or identified. Each block connects to the one before and after it — creating an irreversible, immutable chain.
What makes blockchain so sexy is that every financial transfer is guaranteed to be safe and secure. Blockchain represents an innovation in information registration and distribution. It eliminates the need for costly third parties, such as a bank, to verify the transaction or keep records of it.
With this explosive growth, new legal and regulatory issues in law are cropping up every day.
Initial Coin Offerings must follow all securities laws. Firms must file with the SEC regulations. All must provide investors with legal disclosure and compliance documentation. This is an exciting new field. Being on the cutting edge can prove to be profitable in the early stages and down the road.
“The demand for this new specialized field of law is rising all over the country” — Shari Davidson, CEO of OnBalance Search Consultants, “we can barely keep up with the needs for this new area of FinTech law.”
The lateral moves and cross industry practice groups have occurred amid a flood of headlines about virtual currency its value and future. Resulting in a flood of litigation and regulatory questions have risen. The demand for law firms with FinTech expertise is expected to accelerate as the digital currency market matures.
For lawyers who want to get into this emerging new field of law. Top candidates must have expertise in emerging companies, venture capital and cybersecurity.
About On Balance Search Consultants
On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm.
Contact us today. Call 516.731.3400 or visit our website at https://www.onbalancesearch.com
Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media and any legal restrictions regarding the law.