Blockchain Legal Center of Excellence Created By R3

Bitcoin, Blockchain and the Law | February 21, 2018 By:

Enterprise software firm R3 has created a platform for the global legal community to get the latest updates and share best practices regarding blockchain technology.

Called the Legal Center of Excellence (LCoE), the platform will bring together ten law firms to help lawyers around the world examine the features of blockchain technology and the ecosystem around it.

The ten law firms joining the initiative are Ashurst, Baker McKenzie, Clifford Chance, Crowell & Moring, Fasken, Holland & Knight, Perkins Coie, Shearman & Sterling, and Stroock.

“R3 has developed the LCoE to collaborate with and gather feedback from the legal sector, helping law firms to better engage with the technology, while updating R3 on the specific needs of the legal community and their clients,” R3 said in a statement.

LCoE members will have access to R3’s research on blockchain and monthly demonstrations that will give them insight into “real world blockchain applications.” The law firms will also be able to participate in Corda training workshops that have specifically been developed for attorneys.

The goal of the LCoE is to ensure that law practioners have a strong understanding of the technology and are optimally equipped to advise their clients on new and emerging legal and regulatory issues associated with blockchain and Corda, R3’s open-source platform designed to record, manage, and automate legal agreements between businesses.

R3, which is made up of over 200 financial institutions, is not disclosing the fees to join the center, but a requirement for joining is that the law firm has to work in at least one jurisdiction where the consortium has members.

“The LCoE will allow R3 to directly engage with the lawyers that will be advising on and helping draft the smart contracts used by the network of Corda users across the globe,” said Richard Gendal Brown, CTO at R3.

“The idea is to help these folks actually get a practical understanding of what’s going on in the blockchain space, what are the projects that we’re working on and what are the benefits we’re seeing,” said Jason Rozovsky, Senior Counsel and Head of the LCoE at R3,