Bullish on blockchain, young lawyer launches boutique
The Legal Intelligencer
At 30, Andrew Bull is young for a law firm founder. But the blockchain technology that his firm specializes in is much younger.
Mr. Bull’s new Philadelphia law firm, Bull Blockchain Law, officially opened its doors a little over a month ago. It’s not the first time he has launched a business rooted in the burgeoning area of blockchain technology. He founded a cryptocurrency mining company just a few years ago, which he recently closed, and worked on a digital asset fund, which Mr. Bull said is comparable to a hedge fund, but with cryptocurrency.
As his new firm’s website says: “We’ve mined. We’ve traded. We get it.”
It all started with a fascination in bitcoin, which Mr. Bull started learning about in 2011 before he started law school at Drexel University. At the time, the virtual currency was little known. “I had no idea it would become as popular as it is today,” he said.
Mr. Bull continues to speak about bitcoin and blockchain while providing technology consulting and legal counsel, particularly on regulatory issues.
Until recently, he did that alongside work on other matters at Haines & Associates in Philadelphia. But when it began to take over his practice, he decided to go out on his own. Clifford Haines did not respond to a call for comment on Mr. Bull’s departure.
“The industry is expanding exponentially, and I’m fortunate to have been in it for a while,” Mr. Bull said. “We were finally getting regulatory clarity from the agencies. There was a somewhat clear path on how to advise clients.”
His client base includes various technology industry players with some connection to blockchain technology, he said. They’re using the technology for matters in real estate, data storage, supply chain management, and even gaming. Smart contracts are the most popular business application of blockchain technology, he said.
According to Mr. Bull, his firm is the first blockchain and cryptocurrency boutique in Philadelphia. But he’s certainly not the first to capitalize on the legal side of blockchain technology.
Pittsburgh-founded K&L Gates announced last year its plan to launch a private blockchain, through a partnership with technology company Chainvine. And several large firms recently spoke with The American Lawyer about corporate clients currently working on blockchain-related projects in the asset-backed securitization space.
In the smart contracts space, Pittsburgh startup LegalSifter has partnered with multiple law firms in developing contract software that links artificial intelligence with human intelligence.
A lack of understanding is the biggest hurdle to building up business in his area of expertise, Mr. Bull said, so he aims to explain the opportunities as straightforwardly as possible.
He said the blockchain community has been built on a foundation of “decentralized, open-source information.” But that philosophy can live in harmony with a business built on paid legal and consulting services, he said.
“The more people that are involved and understand it, the more the technology can advance,” he said.