According to the managing director of Major, Lindsey & Africa, Brian Burlant, demand for legal experts with blockchain technology knowledge is high. As a recruiter for law firms and in-house legal departments, Burlant noted that law firms are having difficulty keeping up with cryptocurrency and blockchain industry demands for lawyers because of a lack of candidates who really understand the technology. Burlant said that a lot of lawyers enter the space from regulatory practices or government, where they were engaged specifically in practices related to cryptocurrencies.
Moreover, Burlant noted that “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.” Also, advised that law students focus on blockchain, and not on cryptocurrencies, as blockchain “will be a game changer.” In this point-of-subject, Partner at Zeughauser Group, Mary K. Young said that “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.” He further added that privacy law has grown substantially, with most global and national companies having added capabilities in privacy and data security sector in the course of the last five years.
According to the market forecast reports, the global spending for blockchain could worth around USD 2.9 billion in 2019, and the financial sector will lead the industry in the global blockchain spending throughout the projected timeframe. However, banking, securities, investment services, and insurance services are expected to spend over USD 1.1 billion of the total global blockchain spending.