Law Firm to Reward Staff With New $LAW Token Incentive

In a pioneering move within the legal sectors reward structure. International law firm Taylor Wessing has introduced an innovative employee incentive scheme. Allowing employees to earn crypto tokens, termed as LAW Tokens, for their exceptional contributions to the firm.

The initiative leverages distributed ledger technology to administer micro-incentives to the firm’s lawyers, aiming to bolster Taylor Wessing’s prominent blockchain, digital asset, and cryptocurrency practice. The scheme is particularly directed at lawyers within the corporate, IP, and financial services teams of the firm, each equipped with a Metamask wallet to interact with the LAW Tokens.

Inter-Lawyer Recognition, Tokenized:

The LAW Tokens serve as a medium for lawyers to acknowledge each other’s outstanding contributions to the firm’s culture and its responsible business objectives. These tokens can be exchanged among lawyers, redeemed for monetary vouchers usable at various retail stores, or donated to charitable causes. The smart contract governing the tokens restricts transfers to whitelisted individuals, mitigating the risk of secondary market formation. This arrangement is exempt from Electronic Money Regulations and absolves Taylor Wessing from registration with the FCA under money laundering regulations.

The implementation of this scheme is anticipated to provide lawyers with practical exposure to distributed ledger technology, a tool employed by a substantial number of Taylor Wessing’s clients in the technology sector. Angus Miln, Partner and Head of Emerging Companies and Venture Capital at Taylor Wessing, emphasized the importance of acquiring skills in distributed ledger applications, citing the firm’s growing representation of blockchain and crypto businesses and their investors and acquirers.

A New Paradigm in Employee Benefits:

The development and launch of this project involved collaborative efforts from various teams within the firm, including corporate and emerging companies, financial services regulatory teams, and the tech, information, and IP team. Blockchain specialist Miguel Dinis Lucas and the firm’s Entrepreneur-in-Residence Gerard Frith played pivotal roles in the realization of this initiative.

Paul Thorpe, Corporate M&A partner at Taylor Wessing, expressed that the inception of this blockchain initiative is a testament to Taylor Wessing’s commitment to innovation and its proficiency in the blockchain sector. He hinted at the firm’s ambitious plans to further evolve this technology and potentially integrate it with other tech projects, indicating a promising future for technology-driven solutions in the legal domain.

This initiative by Taylor Wessing not only underscores the firm’s forward-thinking approach and dedication to technological advancement but also sets a precedent for the integration of blockchain technology in employee incentive schemes, potentially inspiring other entities in the legal sector to explore and adopt similar innovative solutions.