Blockchain industry attorneys, Angela Angelovska-Wilson and Lewis Cohen, say they have started their own law practice focused on the nascent industry.
DLx Law LLP, the firm opened its doors this month, with offices in New York and Washington, D.C. Its founders, Angelovska-Wilson, previously general counsel and chief compliance officer at enterprise blockchain startup Digital Asset, and Cohen, a seasoned securities lawyer, aim to run the firm differently than the typical law practice, in a way that aligns better with the culture of the blockchain space.
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For example, they eschew the term “partner,” because in their view it fosters a sense of possession over clients or cases. Instead, lawyers will assume responsibilities based on their skills, not seniority, Cohen told CoinDesk.
More concretely, and like a few other law firms with cryptocurrency clients, DLx accepts payment in bitcoin or ether. And down the road, it would like to rethink the age-old practice of charging by the hour and experiment with smart contracts and other unorthodox ways of being paid for legal services.
For now, though, the founders say an exclusive focus on blockchain technologies will help the new firm assess risk with surgical precision. Prospective clients include startups, exchanges and token issuers.
“Inherently, it was very clear to us the challenges in providing clients the kind of services that they need within a very large law firm,” Cohen said. “A week in blockchain time is like a month anywhere else.”
One such dramatic shift occurred this spring when the public conversation suddenly turned to the question of whether two of the top three cryptocurrencies by market capitalization, ether (ETH) and XRP, are securities under U.S. law.