Cryptocurrency firms are increasing their legal teams at an unprecedented rate to be on the good books of regulators and to fuel their expansion drives. Firms are struggling to hold onto their talents as poaching takes full swing.
The Wall Street Journal has unearthed a pattern in the hiring of crypto firms over the last few months. Cryptocurrency companies are jostling to attract top legal talent to join their teams, but it seems there appears to be a glut in the talent pool.
The firms have turned their attention to recruiting lawyers from established law firms and giving them the role of in-house legal counsel. Apart from hiring from law firms, some companies are going the extra mile to poach from the competition.
Justifying the scramble, John Wolf Konstant, a staff at Whistler Partners, noted that there is a consensus to have an in-house lawyer. “Especially since investors are going to require that, you need to have someone there to help chaperone the process and make sure everything is buttoned up from the start,” he added.
Some lawyers are faced with the interesting quagmire of multiple jobs offers with Konstant noting that remuneration packages could roll into seven figures at the top crypto firms. “Everybody is looking for talent,” says Jorge Pesok, an attorney with stints at Crowell & Moring LLP, Tacen Inc, and HBAR Foundation.
Kraken takes full advantage of the scramble
Kraken, a foremost cryptocurrency exchange hinted at plans to hire scores of lawyers for its legal team. Marco Santori, the firm’s Chief Legal Officer revealed via a tweet that the company was looking to hire 30 lawyers but said doubling the number was the most ideal route.
“I’d like to hire sixty but honestly I don’t know how to get it done. Can I acquire a law firm?” he asked.
Zooming out, it is easy to see that the hiring spree is not confined to only the legal sector. Moreover, there has been a huge spike in the number of cryptocurrency job postings. LinkedIn recorded spikes of 600% and cryptocurrencyjobs.co recorded gains of more than 1,500% in less than a year.
The hiring spree extends to traditional companies that are looking to make a foray into cryptocurrencies rather than being limited to core crypto startups. PayPal, KPMG, and JPMorgan are among the firms to have bolstered their cryptocurrency teams.
Daniel Adler, founder of cryptocurrencyjobs.co noted that the hires are from a broad and diverse pool. “The other great thing about crypto is that it doesn’t matter whether you’re in Silicon Valley, India or Nigeria, or what your credentials are,” Adler added.
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