Corporate legal clients are using new technology to innovate and need trusted advisors who understand the technology and laws that govern them.

“The use of technology like Blockchain will revolutionize how corporate clients conduct business, increasing the need for attorneys who understand the technology and have the ability to address potential risk,” Justin Steffen, a partner of Jenner & Block. We can not advise clients on technology that we do not understand. Eric Woods, a partner of Chapman and Cutler, highlights that the use of smart contracts presents several issues that must be addressed before it’s widely implemented; what happens if a smart contract that is uploaded to the blockchain contains a bug or either party files for bankruptcy? What will be the fiduciary duty of the smart contract developer who codes the contract for you? “The current state of smart contracts is good for if-then statements, but are not coded for best judgment,” Justin Steffen. “Lawyers need to be able to collaborate with the clients and coders to properly move the technology forward,”Wulf Kaal, An Associate Professor and Director of the Private Investment Fund Institute.