The Wall Street Journal identified a pattern in the hiring of crypto companies in recent months. Cryptocurrency startups are competing for top legal expertise to join their teams, but there seems to be a skills shortage.
The companies have shifted their focus to hiring attorneys from established law firms and appointing them as in-house legal counsel. Aside from recruiting from legal firms, some organisations go out of their way to recruit from the competitors.
Justifying the hustle, John Wolf Konstant, a Whistler Partners employee, said that there is a general agreement to have in-house counsel. “Especially because investors would expect it, you need to have someone there to assist in overseeing the process and make sure everything is buttoned up from the beginning,” he said.
Some attorneys are kept in an unusual quagmire of several employment offers, with Konstant adding that salary packages at the biggest crypto companies may reach seven figures. “Everyone is hunting for talent,” says Jorge Pesok, a lawyer who has worked at Crowell & Moring LLP, Tacen Inc, and the HBAR Foundation.
Kraken, a leading cryptocurrency exchange, has hinted at plans to employ a large number of attorneys for its legal staff. The firm’s Chief Legal Officer, Marco Santori, announced through Twitter that the business was seeking to employ 30 attorneys but that tripling the amount was the best option.
