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Blockchain and BigLaw seem to be made for each other.
Blockchain technology allows lawyers to generate legal documents and smart contracts that can be executed and authenticated electronically. BigLaw has the financial resources to make the technology a standard in the legal profession.
So what about small firms and solo attorneys, who have limited resources? And freelance attorneys, who have even less?
Freelance: the "Micro-Enterprise"
Gina Clarke, a technology writer for Forbes, says 162 million people in the United States and Europe are freelance workers. They comprise a "micro-enterprise, and essentially make up a whole new tier in the business eco-system."
Blockchain is adapting to the micro-enterprise industry, she says. The adaptation can apply to freelance lawyers, too, who provide proprietary information electronically.
For example, blockchain can protect copyrighted works such as letters, contracts, and pleadings. Users will be able to buy such information in pieces, while authors will be able to receive payments securely and instantly.
BigLaw lawyers are still learning how blockchain works. With evolving technology, small firms, solos and freelancers have a chance to get ahead.
Future of the Legal Industry
Last year, the legal industry was one of the fastest-growing in the Wall Street Blockchain Alliance. Aaron Wright, a professor at Cardozo School of Law and leader in blockchain for lawyers, says it is the future of the legal industry.
"We can use blockchain as a 'spine' to manage the entire legal industry, build more efficient systems, decrease the cost of legal services, and make sure people get the legal services they need," he said.