Some of the leading law firms in London are reaching out to financial technology companies to start a relationship that may be profitable in the futur
Some of the leading law firms in London are reaching out to financial technology companies to start a relationship that may be profitable in the future.
International law firms Slaughter and May and Simmons & Simmons are eager to woo fintech companies by providing their services.
As finextra.com reported, last year Slaughter and May launched its first Fintech Fast Forward programme that invited applications from start-ups in areas like insurtech, regtech and distributed ledger technology.
They picked five companies that received 30,000 euro of value add services such as legal advice, network access and tailor one-to-one coaching, among other services, reported finextra.com.
In the meantime, Simmons & Simmons has worked with the Centre for Commercial Law Studies (CCLS) and Queen Mary University on a student support programme focusing on fintech and regtech.
According to Simmons & Simmons’ statement quoted in finextra.com: “It is hoped that this new academic and professional collaborative arrangement can assist correct this core learning and knowledge gap for the benefit and advantage of everyone involved”.
However, law companies in the UK are not the only ones that seek to connect with the financial technology sector. As cryptocoinnews.com and forbes.com noted, in 2016 global law firm Steptoe & Johnson LLP launched a multidisciplinary blockchain practice to help blockchain companies with the legal issues related to the technology.
In addition, cryptocoinews.com reported the launch of a US coalition named the Digital Currency and Ledger Defense Coalition (DCLDC). The goal is to help digital currency users who can`t afford legal services with pro bono attorney referrals.
Probably, lawyers realize the future potential of the growing financial technology sector. Not surprisingly, they try to connect with some of the major players, so that they can profit from it in the future.