Foley & Lardner LLP Partner Jon Israel discussed how law firms are servicing the spikes in demand as the non-fungible token (NFT) market heats up in The American Lawyer article, “Widespread War for Talent Wages On in the Growing, Yet Complicated, NFT Space.”
In-house teams, government agencies, and law firms are all vying for a small pool of talent that can understand this increasingly important space. Law firms are tending to take a multidisciplinary, client-focused approach to acquiring talent.
Israel agreed, saying that “our need for talent in NFTs is dependent on the needs of the client.” Foley’s NFT Task Force “developed organically as clients’ needs have arisen” and now “there are about 25 lawyers at the firm who regularly contribute” to this type of work. “It could be in anti-money laundering, tax, corporate transactions, and be dependent on whether the client is a sportsperson or team, a musical artist, or an NFT platform provider,” he added.