Team size: Seven

What are some of the legal challenges that IT companies face in the development and use of emerging technologies in their products?

The intersection of blockchain and the law poses some interesting legal issues. The next few years will determine what legal status will attach to Decentralised Autonomous Organisations (DAOs), digital organisations that operate through the implementation of smart contracts, whether they are simple corporations, partnerships, legal entities, legal contracts, or something else. Also, the use of smart contracts may present enforceability questions if one analyses them solely within the traditional definition of a contract. Blockchain can cross jurisdictional boundaries as the nodes on a blockchain can be located anywhere in the world; accordingly, complex jurisdictional issues can arise. Once data is stored on a blockchain, it cannot be altered, which clearly has implications for data privacy. Most blockchain companies avoid this by ensuring that personal data is always kept off-chain. Finally, liability issues can arise: given the fact that it is impossible to stop the functioning of a public blockchain, the allocation and attribution of risk and liability in relation to a blockchain service must be thought through carefully between all relevant participants.

In what ways do you see the in-house legal role evolving in your region over the next few years?

The next few years will bring rapid advances in technology to everyone in the legal profession. In-house lawyers therefore must ensure that they are receptive to change and must be technology savvy. In-house lawyers should always be building their knowledge about the organisation’s core business activity and should know where future growth will come from.

As we enter the next decade, what skills will a corporate legal team need to succeed in the modern in-house industry?

As well as the traditional duties associated with an in-house legal team, today’s in-house lawyers must also think about potential disruption by innovative start-ups; increasing globalisation of trade and information exchange; and more focus from regulators and governments on corporate governance, compliance, and enforcement.

What are the most significant cases and/or transactions that your legal team has recently been involved in?

The legal team recently advised on ConsenSys’ $200m financing round, which brought the Company’s valuation to $3.2bn and the acquisition of MyCrypto, a deep-rooted Ethereum interface. The legal team also continues to advise on Central Bank Digital Currency projects and major NFT projects, as well as on the Company’s core products including Metamask which now has 21 million monthly active users.