The rise of the crypto lawyer – Glaisyers strikes deal with specialist crypto firm
Commercial law firm Glaisyers ETL has struck a deal with a Stockport based law firm that specializes in recovering stolen crypto assets, amid a rise in scams and fraud linked to cryptocurrencies.
Glaisyers’ investment in Wealth Recovery Solicitors (WRS) has seen the specialist crypto law firm move from their former headquarters in Stockport to Glaisyers’ central Manchester offices.
“They’re more wolf of wall street than we are,” WRS founder Joshua Chinn, 27, told City A.M.
Chinn explained that WRS uses various techniques to trace and recover stolen crypto assets, as he noted that WRS is in the process of recovering of millions of pounds worth of crypto, having only founded the seven-person firm in March last year.
He said that most of his clients are individuals who have lost their savings to scammers, but explained that WRS is able to use specialist software to track down stolen crypto and reclaim it – either by contacting cryptocurrency exchanges directly or by launching legal challenges through the courts.
Chinn said WRS’ deal with Glaisyers will boost the firm’s credibility, as he explained that a lot of crypto recovery companies are actually scammers too.
“We’re one of the few good guys in this game,” the 27-year-old Liverpudlian said.
For Glaisyers, which has offices in both London and Manchester, the acquisition of a minority stake in WRS comes an opportunity to “invest in and investigate an area of law that we ordinarily would not have got involved in as first adopters,” David Jones, executive partner at Glaisyers said to City A.M.
Looking forwards, Glaisyers hopes to repurpose some of the techniques WRS uses to track down stolen crypto assets, for use with Glaisyer’s large commercial clients.
“A lot of the techniques and technologies can be used across the board on other commercial litigation matters,” Jones said.
Going forwards WRS is also planning to launch new software able to provide risk reports on crypto wallets. The software would allow users to enter in a specific crypto wallets’ details to see if it has been reported or whether it has been linked to criminal activity.
The deal comes as major law firms are increasingly seeking to capitalize on the rise of crypto, as the industry faces creeping regulation.
Charles Kerrigan, a partner at London law firm CMS, explained that CMS first began recruiting in-house lawyers from crypto companies last year, in a bid to win over clients in the crypto sector.
“Clients want crypto lawyers, and if firms are selling corporate, or regulatory, or banking lawyers, it’s important that they have a good understanding of what cryptoassets are – their history and evolution,” Kerrigan told City A.M.