Law firm McCarter & English launched a new Blockchain, Smart Contract and Digital Currency Practice, which is being led by East Brunswick Managing Partner Dave Sorin.
The practice is comprised of 18 attorneys with various backgrounds, including the firm’s venture capital and startups practice, which Sorin co-chairs.
“In the 30 years that I’ve been practicing law, I’ve never witnessed a time when tech has more potentially disruptive power — regardless of if it’s a tech sector or not,” said Sorin.
The firm has been working with clients to address blockchain and digital currency issues since they started popping up about four years ago.
“We’ve been working with it starting with our venture capital practice with companies that have been developing blockchain technology. It is almost mind-boggling, people who have worked with technology for their entire career really have to use up a lot of brainpower to figure this stuff out,” said Sorin.
Blockchain technology refers to a digital ledger in which transactions with cryptocurrency are recorded chronologically. Over the last four years, McCarter & English has worked with investors, companies that were developing these technologies and those that were integrating these technologies into their business practices.
“Today you can see this impacting the hardware and software industry, the telecommunication and mobility industries, obviously in e-commerce [and also in areas of the] supply chain and financial services,” explained Sorin.
International trade also is emerging as an area of interest for businesses working with digital currency.
“As small- and medium-size companies deal with the friction of different currencies as they move products, goods and services internationally, blockchain and digital currency [can] ease that interaction,” he said.