Redeem for benefits
Taylor Wessing has launched a new incentive programme that sees lawyers awarded crypto tokens for “outstanding contributions” to the firm.
The scheme, which is understood to be the first of its kind in the legal market, will enable lawyers in the firm’s corporate, IP and financial services teams to collect special ‘LAW Tokens’ in their own digital wallets.
TW says lawyers will be able to award tokens to other lawyers who “demonstrate an outstanding contribution to the firm’s culture and its responsible business objectives”. Exchanged through the blockchain, tokens can also be redeemed with the firm for monetary vouchers or a charitable donation.
The token’s smart contract has been designed to enable transfers between “whitelisted” individuals only, in a bid to prevent a secondary market.
Angus Miln, TW executive board member and head of emerging companies and venture capital, said:
“A very significant number of our clients in the tech space are developing distributed ledger applications and we are representing an increasing number of blockchain and crypto businesses, as well as investors in — and acquirers of — those businesses. We want our people to develop the skills necessary for us to continue to expand our practice in these areas.”
A group of the firm’s lawyers in the corporate and emerging companies and financial services regulatory teams, headed up by blockchain specialist Miguel Dinis Lucas, worked closely with Gerard Frith, the firm’s entrepreneur-in-residence, as well as members of the firm’s tech, information and IP team to create and launch the project.
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