Partner Jeffrey Alberts, the co-chair of Pryor Cashman's FinTech Group, recently sat with Law.com to discuss how law firms should prepare for the increasing demand for legal services tailored to the cryptocurrency space. Read more of Alberts' provided insights and opinions below:
The result is that many lawyers from diverse practice groups are increasingly being called on to advise on NFT issues, said Jeffrey Alberts, co-head of the fintech group at Pryor Cashman.
"I've been working in the cryptocurrency space for years, and the focus has been on money transmission and buying securities. But what clients want—and who the clients are—has evolved significantly," Alberts explained. "We have had a big art practice for a long time, and they hadn't been doing anything with NFTs until the last couple of years. Now they're probably bringing in the most new cases of any part of the firm."
What clients need depends on what they're trying to do, said Alberts, including setting up platforms, handling sales, procuring business licenses, determining whether or not the NFT is a security, and handling regulatory problems and intellectual property issues.
Alberts said around a dozen partners at Pryor are working on the NFT projects.
"They're in all different groups, because these projects have all different problems—and a lot of the problems are novel," Alberts said. "We have our media people, we have our IP people, we have the money transmission and security issues people, and then you have your tax people, because with NFTs there are all kinds of unique tax questions that come up."
Read the full article in the resources linked below.
Resources
[Law.com] What It Takes to Successfully Service the Booming NFT Market
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