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Finding The Right Attorney For A Web3 Project

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Florida Web3 Project Attorney

Although there are a lot of people that seem to be crypto or blockchain lawyers, attorney client privilege creates information asymmetry for prospective clients and those in need of Web3 legal services.  Prospective counsel must be trusted to embrace compliant oaths to success in an effort to proactively avoid traps that are expensive or impossible to remedy.  When choosing counsel for a Web3 project you should consult other project founders, investors and related networks.  Once you have identified a reasonable list of candidates through your network and research, aim to schedule calls to begin your diligence. Prepare for those calls by marshaling your facts.

Lawyers process facts based on their legal knowledge and reasoning to deliver an opinion of how clients can accomplish their goals and reduce risk.  Before approaching an attorney a prospective client should be able to answer the following questions: (1) what am I building, specifically?; (2) How do I plan to build it?; (3) who will use what I build?; (4) where will I get the money to build it?; (5) why do I need an attorney to build it?  If you’re ready to talk to an attorney you should be able to answer these questions, which will be easy considering you have likely made significant strides developing your product.

Know what you want to get out of each legal service you seek.  You will likely consult multiple attorneys and you may even utilize multiple attorneys at once.

At the beginning of your product development, your priority should be to find an attorney to act as an architect. The architect oversees your  strategy and grasps the large issues that you face.  This lawyer sees your near-term and long-term blockers and helps you develop a legally viable plan to eliminate them.

As you build, you will need to find attorneys who can accomplish discrete tasks efficiently… sticking to the building theme “carpenters.”  Carpenters generally perform either low specialization, repeatable execution (e.g., managing NDAs) or highly specific, siloed execution (e.g., tax review).  Carpenters are needed for (a) low-risk, repeatable tasks and (b) highly specialized tasks that may be low or high risk.   In Web3, the legal process is part of the building, and must be managed more proactively.

When choosing architects or carpenters, prospective clients can simplify the task by considering five skill vectors: specific knowledge, general knowledge, creativity, speed of learning, and time capacity.

Web3 attorneys should be expected to learn quickly. Regulators and legislatures are consistently proposing changes that could meaningfully alter the necessary approach.  By clarifying whether the attorney is willing to take risk on billable hours to obtain sufficient specific knowledge to help you develop a comprehensive legal strategy, you can assess the lawyer’s confidence in their own ability to learn quickly.

Time capacity is inversely proportional to the breadth of your lawyer’s reputation for excellence.  More often than not, when a founder searches for representation in a panic, they get the wrong team of lawyers.  Get the right legal team.  Web3 projects require immediate legal input from the right attorneys.  Contact our firm at 407-452-4918 to set up a free consultation..