The Law Society published a report in January which details the products, processes and strategies used by law firms where technology and new ways of thinking and working are making big changes to the legal sector. The report draws attention to the unprecedented technological change offering solicitors the opportunity to innovate in ways that benefit clients, technological innovators and the legal profession in areas such as digital currencies, machine learning and 'lawyers on demand'.
The report, Capturing Technological Innovation in Legal Services, offers insights from those on the front line of technological innovationn and reveals a legal sector that is increasingly engaging with advanced automation. While three-quarters of the firms surveyed agreed that innovation is critical to exploiting opportunities and standing out from the crowd, more than half said they were likely to standby and wait for others to pioneer the opportunities.
The report marked out Selachii as one of a number of innovators in the legal sector who are at the forefront of a revolution in the way legal services are delivered.
Specialist Bitcoin & Digital Currency Legal Advice
One of Selachii’s specialisms is advising on the contentious legal aspects surrounding Bitcoin and crypto/digital currency. Selachii’s founding partner, Richard Howlett describes, it is an area in which the firm has earned international recognition. Selachii’s engagement with Bitcoin/blockchain as an area of legal advice the report said, raises questions about what both might mean for legal services and what roles there are for lawyers in this space. For the other law firms interviewed by the Law Society, it was seen as way too soon to be considering this area and they had no plans to do so unless requested by their clients.
Bitcoin is a digital currency created in 2009, offering the promise of lower transaction fees than traditional online payment mechanisms and is currently operated by a decentralised authority. There are no physical Bitcoins, only balances associated with public and private keys. Blockchain is a public ledger of all Bitcoin transactions that have ever been executed.
As a result of its very public involvement, Selachii has carved out a name for itself within the digital currency community and the partners found themselves being asked by, among others, the Wall Street Journal, the BBC and Financial Times, to comment on all matters connected to digital currency.
‘Obviously, given the size and profile of the media who’d asked us to comment, we recognised we could use our specialism to create publicity. However, we also saw this was a market that would only grow so we took a conscious decision to specialise in digital currency and gain first mover advantage – particularly given that the majority of other law firms seemed to be totally oblivious to what was going on.’ (Richard Howlett, Founding Partner, Selachii)
Consequently, Selachii was able to diversify away from its traditional commercial litigation roots and offer both litigious and some non-contentious advice relating to Bitcoin, providing an expert service to a new industry that was crying out for some very specific legal advice.
Selachii continues to offer a range of services, including dispute resolution, litigation, fraud, debt recovery and breach of contract. We advise on aspects of Bitcoin and digital currency, such as the impact of proposed regulation, the benefits of certain jurisdictions for Bitcoin start-ups, breach of contract in Bitcoin agreements and setting up joint ventures.
Selachii was hailed a prime example of where it will be possible to see more and more opportunities for firms small enough and responsive enough to take a chance on new technologies and to address how technology is impacting on the needs of clients and their businesses.
Contact our Specialist Digital Currency & Bitcoin Solicitors Kensington, London
Selachii is a dynamic, agile and forward thinking law firm based in Kensington, London. We don’t believe in simply handing out one-size-fits-all solutions to problems. We provide high-quality representation and cutting edge advice and focus on your specific circumstances before working out the best and most cost-effective way of helping you achieve your aims. Contact us now via our online contact form, or give us a call on 02077925649.
