On April 17, it was reported that demand for those who have both legal expertise and knowledge of blockchain technology is quite high. This is according to information provided by recruiters who focus on the legal field.

According to these recruiters, many law firms are having trouble keeping up with demands from both the blockchain and digital currency industries. This is because there is a distinct shortage of lawyers who have sufficient expertise in these fields. Many of the lawyers who do have the proper expertise are coming from government regulatory agencies, where the subject of cryptocurrencies and the blockchain often come up.

Recruiters believe that young lawyers (as well as law students) who would like to get into the field should focus on gaining a firm grip of the technology in combination with attaining practical business experience. They further believe that law students should focus their attention not on digital currencies but on the blockchain itself, as this, they say, is the ground-breaking technology.

Though not everyone in the legal profession is so bullish on the blockchain. Mary K. Young, who is a partner at a law firm called Zeughauser Group, says that there was a lot of interest in the technology among lawyers toward the end of 2017 (when Bitcoin soared to records highs), but that when the market crashed most of the lawyers working in the sphere went back to whatever they were doing beforehand. She likened it to the Dotcom crash in the late 1990s.

Instead, Young believes that privacy law is the field that has great potential in the coming years.

Still, blockchain spending across the world is expected to reach nearly $3 billion this year, which is an almost 90% increase from last year. The financial industry will be leading the way, as more than $1 billion of the money will be spent in the banking, insurance services, investment services and securities industries.

A recent survey conducted by KPMG detailed that, while two-thirds of tax and finance executives have yet to adopt blockchain technology, 60% of them would like to deploy the technology.