A New Firm
DLx Law LLP opened earlier this month in both New York and Washington DC. This ground-breaking practice is the first Blockchain dedicated company.
The two partners opening the firm have already announced that it will be a completely different operation than the more traditional law firms. This is due to the fact that it is dedicated to Blockchain and as such the practice needs to ensure it works to the needs of the work it is doing. This is also the reason behind the innovative structure of the company that sees employees working to suit their skill level without seniority getting a look in. You will not see the term partners used here.
Payments to the firm can be made in Bitcoin and in ether – which is not new to the industry. Other practices with Cryptocurrency customers are already working in this manner. In the future, smart contracts could actually be used rather than the industry standard hourly rate. However, this is still a pipe dream as the focus at the moment is to ensure DLx Law LLP is running smoothly and successfully from the very outset. As with any new company, there are bound to be teething problems that need addressing which is the main priority right now.
Within the next few months, there are expected to be a handful of new recruits joining the firm. There are already over 40 clients requesting support from DLx Law LLP so staff will certainly be kept on their toes. Prospective customers have already highlighted the importance of this new legal practice citing that the more traditional firms often do not have the right support in-house. This proves very problematic for clients hence the huge desire to work with DLx Law.
DLx Law has already formed partnerships with other law firms to ensure that any requests from clients outside of the Blockchain environment can still be handled by professionals that DLx Law recommends.
The Way Forward
The two founders are very keen to become innovators with legal practices, shaping the way that they are set up and run in the future. The overall aim is to mirror the decentralized operations of Bitcoin. This will include working with software developers to ensure that the company remains ahead of the game and in tune with the constant changes within the industry.
The duo are also looking into the new OpenLaw project that sees the standard legal contract changing into software which in turn automatically enforces an agreement. For example, real estate ownership can be transferred or shares can be traded instantaneously. There is also a possibility of using smart contracts a lot more wisely with a more pliable pricing menu for clients that would work on supply and demand rather than a standard flat fee.
Both founders are very aware of the huge opportunities that are available to improve the legal industry with Blockchain and really want to explore these and take the industry to the next level. A really refreshing outlook for law!