Blockchain Law Pay Initiative From Big Law Firm
Taylor Wessing has unveiled an innovative employee law pay incentive program centered around distributed ledger technology in a first of its kind initiative in the law profession.
This groundbreaking initiative aims to provide micro-incentives to the firm’s legal professionals while bolstering its leading position in blockchain, digital assets, and cryptocurrency law.
Taylor Wessing has 300 partners across its 28 offices and over 1000 lawyers globally, working extensively in the technology and corporate law areas. It has shown considerable growth, as LawFuel reported last year when the firm had a 27 percent growth in partner income and overall revenues.
Under the program’s framework, legal practitioners within Taylor Wessing’s corporate, intellectual property, and financial services divisions will each be equipped with a Metamask wallet which will let them engage with tokens issued by the firm, aptly named “LAW Tokens.”
Lawyers can reward these LAW Tokens to their peers who have demonstrated exceptional contributions to the firm’s culture and responsible business objectives, according to a statement from the firm.
Paul Thorpe, (pictured left) Corporate M&A Partner at the firm said the firm intended to further evolve the technology and potentially link it to some of their other tech projects.
Subsequently, recipients can choose to trade these tokens on the blockchain or exchange them with the firm for a variety of benefits, including non-cash vouchers and the option to make charitable donations to select organizations such as NHS Charities Together, St John’s Ambulance, and The Honeypot Children’s Charity.
To ensure regulatory compliance and security, the LAW Tokens can only be transferred between pre-approved individuals, thereby preventing the creation of a secondary market.
This structure is to ensure compliance with relevant regulations and falls outside the scope of Electronic Money Regulations, eliminating the need for Taylor Wessing to register with the Financial Conduct Authority under the Money Laundering Regulations.
The program was spearheaded by a group of lawyers from Taylor Wessing’s Corporate and Emerging Companies and Financial Services Regulatory teams, led by blockchain specialist Miguel Dinis Lucas. Collaborating with Gerard Frith, the firm’s Entrepreneur-in-Residence, as well as members of the firm’s tech, information, and IP team, the project exemplifies Taylor Wessing’s commitment to innovation.
The program is also intended to provide participants with hands-on experience in interacting with distributed ledger technology. This initiative aligns with Taylor Wessing’s focus on understanding and embracing their clients’ technology.
Angus Miln, Partner, Executive Board Member, and Head of Emerging Companies and Venture Capital at Taylor Wessing, emphasized the firm’s commitment to equipping its professionals with the necessary skills to serve clients in the technology sector.
“A very significant number of our clients in the tech space are developing distributed ledger applications, and we are representing an increasing number of blockchain and crypto businesses,” said Miln. “We want our people to develop the skills necessary for us to continue to expand our practice in these areas.”
The intention is to mark the firm’s space at the leading edge of emerging technologies and to integrate blockcha9in technology into its operations as a leading law profession innovator.