Technology

Rocket Lawyer Joins The Blockchain Revolution To Improve Access To Legal Services

Blockchain for the masses.

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As the legal technology space became more and more breathlessly excited about exploiting blockchain technology for legal purposes, it left a lot of us wondering if there really was any substance underlying all the hype. For all the hype surrounding artificial intelligence, its use cases were always pretty clear — it could streamline discovery and supercharge research. But what would blockchain bring to the table that lawyers could really use?

The answer is the smart contract, an automated agreement that brings a high level of security by taking advantage of the blockchain’s distributed verification features. While some may wonder what was really wrong with the dumb contract, for sophisticated institutional clients hoping to minimize the human error involved in managing hundreds of deals, smart contracts can improve efficiency and keep things moving.

But fewer talk about on the role blockchain can play in serving middle and lower income clients. Is there a place for smart contracts in improving access to legal services for these people? In an announcement at last week’s TechCrunch Disrupt SF conference, Rocket Lawyer says yes:

Already the easiest way to create and sign legal documents, now Rocket Lawyer will make contract performance and resolution of disputes, secure and affordable, by becoming the first mainstream legal technology company to integrate blockchain technology into everyday legal transactions at scale.

The first service to be released by the partnership, Rocket Wallet™, will be available this month to invited beta users for the remainder 2018, with public launch planned for the first half of 2019.

To apply to become a beta user yourself, visit Rocket Wallet.

The new initiative, bringing together Rocket Lawyer, OpenLaw, and ConsenSys, plans to bring the power of smart contracts to all. ConsenSys, known for its work with Ethereum, will operate the blockchain, while OpenLaw will provide the smart contract protocol. The whole system will provide scaled smart contract capabilities to allow clients to contract more efficiently and with lower fees.

As Rocket Lawyer CEO Charley Moore points out, the blockchain provides better validation than signatures or witnesses, so why aren’t we using it? Moore laid out a practical case. A private individual buying or selling a car can use this system as their Bill of Sale. Efficient and, like all Rocket Lawyer offerings, legally compliant. It’s a perfect example of leveraging technology to solve a legal need that people confront every day.

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Moore, who started his career at Venture Law Group before striking out on his own, has served as a CEO for 22 years. Most lawyers lack the taste for such risk-taking, and that’s part of the profession’s problem from Moore’s perspective. As a new generation of tech-savvy attorneys enters the market, attorneys growing up in a startup culture, perhaps that’s changing and more will follow the path to entrepreneurship that Moore took. But for now, it’s that risk-averse nature that keeps the practice from evolving as quickly as its client’s needs and in particular, the needs of those clients without the massive coffers that drive Biglaw planning.

“Law is out of reach for most people,” Moore says. “We can’t solve this problem, but we can make a dent.” And Rocket Lawyer has certainly made a dent. Millions of users, including hundreds of thousands who now get access through employee benefits programs. With Rocket Wallet, the company expects to open up even more opportunities for people starved for legal services.

HeadshotJoe Patrice is an editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news.

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