On August 14, 2017, the Enterprise Ethereum Alliance (EEA) announced a number of law firms and academic institutions will join other alliance members in its Legal Industry Working Group, which was created last month.
The new working group will draw from the experience of legal experts to generate Ethereum-based solutions for businesses. EEA said that the group's rapid growth signals an increasing interest by legal professionals in blockchain technology. "EEA believes that the Legal Working Group will prove foundational to the success of various efforts taking place within the organization."
Chair of the EEA Legal Industry Working Group and cofounder of the Openlaw project, Aaron Wright, described the working group’s role in the development of business friendly frameworks for application to blockchain-based technology.
“Lawyers are poised to serve as the catalysts for blockchain technology, and the Legal Working Group will serve as a neutral space to explore blockchain-based legal technology, develop standards for ‘smart’ legal agreements, support emerging enterprise use cases, and tackle important policy issues raised by this new impactful technology.”
The Legal Industry Working Group’s existing members, JPMorgan Chase & Co., ING, BNY Mellon, and ConsenSys, will be joined by newcomers Cooley, Debevoise & Plimpton, Goodwin, Hogan Lovells, Holland & Knight, Jones Day, Latham & Watkins, Morrison & Foerster, Perkins Coie, Shearman & Sterling, Cardozo Law School, Duke Center on Law & Technology, and the Department of Legal Studies and Business Ethics at the University of Pennsylvania’s Wharton School.
“We are thrilled to see robust interest in blockchain technology by forward-looking law firms and institutions,” said Wright.