K&L Gates has embraced this new technology, not only because their clients demand it but they see the benefits as well. K&L Gates Partner Judith Rinearson of the New York and London offices told Bloomberg Law, “You don’t need to be doing initial coin offerings or issuing tokens to benefit from the blockchain.”
We learn from JD Journal that Rinearson is currently leading an initiative to build an internal blockchain within K&L Gates, which could be used for time-keeping, filing deeds and handling merger and acquisition transactions. The blockchain technology is used to develop tools and infrastructure that can help lawyers draft contracts, record commercial transactions, and verify legal documents. The hope is that blockchain can reduce the time lawyers spend on repetitive tasks so they have more time to spend on more important tasks.
Some of the tools and programs being developed are companies like Integra Ledger and OpenLaw. Integra Ledger creates a permissioned blockchain that increases the integrity of legal documents. OpenLaw helps lawyers generate legal agreements automatically and embed smart contracts that be delivered on blockchain.
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