McCarthy Tétrault joins the Enterprise Ethereum Alliance and its Legal Industry Working Group; Contributes to OpenLaw Smart Contract Project

Toronto, May 2, 2018 — McCarthy Tétrault today announced its membership with the Enterprise Ethereum Alliance (EEA), the world’s largest open source blockchain initiative. The EEA connects over 500 member companies under a common goal: to help evolve Ethereum into an enterprise-grade technology. The EEA Legal Working Group, which McCarthy Tétrault will be a part of, was founded to bring together leading global law firms and leading legal minds to explore building legal use-cases and applications using blockchain technology. 

In addition to joining the EEA and its Legal Industry Working Group, McCarthy Tetrault is also contributing to the smart contract project OpenLaw. “Partnering with McCarthy Tetrault, which has been around since 1855, is exactly the kind of event that will move the industry ahead,” said Aaron Wright, Chair of the EEA Legal Industry Working Group, Associate Clinical Professor and Co-Director of the Cardozo Law School’s Blockchain Project, and co-founder of OpenLaw. “Combining experience and innovation is crucial to the project, which is why we’re all excited by this.”

“McCarthy Tétrault has been at the forefront of innovation in the Fintech sector, as evidenced by the ‘Law or Professional Service of the Year’ award we received last year at the Canadian Fintech & AI Awards,” said Ana Badour, Partner and Leader, McCarthy Tétrault Fintech Group. “Joining the EEA is a logical next step as we invest in blockchain technology and smart contracts to improve efficiency and provide cutting edge service to our clients.”

As blockchain-based applications continue to gain momentum in Canada and impact businesses around the globe, our lawyers have stayed on the leading edge of developing areas of the law in this sector. Ethereum is expected to play a significant role in industries such as tax, shipping and trade, information technology, insurance and finance. Law is no exception. “We see it as crucial that we as lawyers remain on the cutting edge of blockchain technology and actively work to develop and foster legal use-cases.” said Ian Mak, Partner, McCarthy Tétrault Financial Services Group.

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About Enterprise Ethereum Alliance

The EEA is an industry-supported, not-for-profit established to build, promote, and broadly support Ethereum-based technology best practices, open standards, and open-source reference architectures. The EEA is helping to evolve Ethereum into an enterprise-grade technology, providing research and development in a range of areas, including privacy, confidentiality, scalability, and security. The EEA is also investigating hybrid architectures that span both permissioned and public Ethereum networks as well as industry-specific application layer working groups.

EEA will collectively develop open industry standards and facilitate collaboration with its member base and is open to any members of the Ethereum community who wish to participate. This open-source framework will enable the mass adoption at a depth and breadth otherwise unachievable in individual corporate silos and provide insight to the future of scalability, privacy, and confidentiality of the public Ethereum permissionless network.

OpenLaw is a blockchain-based protocol for the creation and execution of legal agreements. Using OpenLaw, lawyers can more efficiently engage in transactional work and digitally sign and store legal agreements in a highly secure manner, all while leveraging next generation blockchain-based smart contracts.

About McCarthy Tétrault

McCarthy Tétrault LLP provides a broad range of legal services, advising on large and complex assignments for Canadian and international interests. The firm has substantial presence in Canada’s major commercial centres as well as in New York City and London, UK.

Built on an integrated approach to the practice of law and delivery of innovative client services, the firm brings its legal talent, industry insight and practice experience to help clients achieve the results that are important to them.

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