The Action in in Crypto Is for Law Firms Handling Class Action Litigation

 "Crypto has generated more than 200 class action lawsuits and other private litigation as of this month, up more than 50% since the start of 2020, according to Morrison Cohen, which tracks the activity. Half of all crypto litigation are class actions or private suits, according to the firm’s data." - Bloomberg Law, May 17, 2022.

Most of the litigation involves business failures which could generate bankruptcies, commercial matters, and employment. And litigation as well as other kinds of legal actions probably will increase as the SEC and Commodity Futures Trading Commission beef up regulations and enforcement. At a recent speech, SEC head Gary Gensler said his organization is the "cop on the beat."

The kind of lawyer most in demand is the one with government experience. Yes, that's the revolving door. And, for that expertise law firms are competing with the crypto industry itself. For instance, Binance, the largest global crypto exchange, is hiring more than 30 lawyers. All of them have the option of operating totally remote. In addition, lobbying firms in the crypto niche have recruited former government players. Those know how government thinks and have a good handle on how government might behave. 

Also the practices are primarily multi-disciplinary since the issues touch on myriad points of law.

Law firms ranging from Jenner Block to Morrison & Foerster are adding crypto partners. Last year, at Latham & Watkins, 700 of their lawyers focused on crypto work.

Connect with Editor-in-Chief Jane Genova at janegenova374@gmail.com. She assists law firms and their vendors with communications projects. Complimentary consultations available. No selling. 

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