Legal experts are optimistic about the new career pathways that FinTech, or the financial technology industry, is paving for junior lawyers.
From mobile banking, to virtual reality technology, to even digitized currencies like bitcoin, the field is offloading an array of complex questions onto the legal industry.
In a conference held in London, some topFinTech and legal experts shared insights on the bright future of junior lawyers in the increasingly popular field.
According to LegalCheek.com, the broad conclusion of the conference is that new legal opportunities will arrive from developments in theFinTech industry for the next generation of corporate lawyers.
The regulatory structure of the financial world is growing as new technologies begin to take a more prominent role in the daily activities of businesses across the country. As new legal framework forms alongside the rise of new technologies,FinTech companies gain the necessary confidence to continue innovating.
Instead of hindering business, the legal world organizes it, guiding it through avenues that will provide structure and confidence for developing industries. For example, developing technologies such as Artificial Intelligence and Virtual Reality are fairly unexplored via legal outlets. Part of the reason is due to the infancy of such technologies. However, once these technologies reach commercial platforms and mainstream popularity, regulations will need to be in place. This legal framework can range from protecting intellectual property, regulating business practices, and even managing copyrights.
With the advent of drones, an array of new complex legal issues continues to rise. As individuals, firms, and governments test their boundaries with drones, limits will be put into place – limits on whether drones are allowed to fly over urban downtown areas, near airports, and even by public forums have already been causing controversy.
Inconsistencies between federal and local laws will surely bring about an array of legal battles between individuals and governments. Surely, more lawyers who understand FinTech will be needed to meet the future high demands of this unchartered territory.
At the moment, there is a general shortage of lawyers who understand both corporate finance and technology laws. The field is currently booming, and will inevitably explode in the coming years once many of these technologies are introduced into the mainstream. Victoria Birch of Norton Rose Fullbright stressed the importance of a formal education in the subject when she asserted that junior lawyers must be prepared to “speak the same language” as clients, and must therefore understand the field better than anyone else. Some experts are even calling for a cross-mixing of law and computer science in the academic levels. Either way, the demands for smart, tech savvy lawyers will only rise as we reach a new age of technological innovation.
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