Big Law Lands in the Matrix: ArentFox Schiff's Metaverse Office is Open for Business
"It shows our commitment to go where you are. You want to go into that space? We'll go there with you. We'll figure it out. We can now say we've been through it. We know what the process looks like," said ArentFox Schiff's Anthony Lupo.
October 31, 2022 at 10:00 AM
5 minute read
Law Firm Marketing and Business DevelopmentWhat You Need to Know
- ArentFox Schiff has opened its metaverse office—believed to be a first for Big Law.
- The office is located in the Luxury Fashion District of Decentraland.
- Chair Anthony Lupo says the project has helped give the firm credibility in the space.
If your avatar finds itself strolling down the street in the Luxury Fashion District of Decentraland, passing by coordinates -100,-21, you can now pop into a major law firm office. After announcing in February that it had bought a plot of land in the metaverse, ArentFox Schiff has now designed, built and opened its office—believed to be a first for Big Law. Located across the road from the Fashion Week Stage and next to Dolce & Gabbana, ArentFox Schiff's digital presence is in the heart of one of the most popular fashion precincts in the metaverse. That location was by design, said firm chair Anthony Lupo. "It shows our commitment to go where you are," said Lupo both of the decisions to establish an office in the metaverse, and to put it specifically in an area where clients themselves are setting up shop. "You want to go into that space? We'll go there with you. We'll figure it out. We can now say we've been through it. We know what the process looks like. It shows a lot of credibility." Part of that experience included finding contractors to help them build an office and understanding the processes—and missteps—along the way. Lupo said the design and architecture project for building the office took around eight weeks, but it could have been accomplished in two weeks, if not for some legal questions ArentFox Schiff had as a firm—which clients should also have. "Part of the problem was that some of the architects we went to, while good design-wise, weren't giving us intellectual property representations and warranties—they didn't understand anything legal," said Lupo. "We had to find somebody that was more sophisticated on the legal side, because we wouldn't let our clients sign a contract like that." Other lessons ArentFox Schiff learned through the experience touched on a broad range of practice areas clients also need. The firm had originally bought a plot of land in another part of the fashion district, but when cryptocurrency markets tanked earlier this year, Lupo saw an opportunity. He bought a second plot with more prominence in the precinct and kept the initial plot as an investment. The building ArentFox Schiff designed for their metaverse office is several stories high, including a reception area staffed with a bot receptionist and an animated fox which roams around the ground floor. On the second floor is a marketing area that provides information on the firm's services and practice areas. Accessed via a security code that reveals a hidden staircase, the third floor houses a virtual conference room. "The fact that we bought property there has helped on requests for proposals (RFPs) and gave us major credibility," said Lupo. "We have one of the largest groups at a firm doing work in this area." As well as specific teams for metaverse issues like data privacy, cryptocurrency, blockchain and intellectual property, Lupo said multiple other practices ArentFox Schiff have been kept busy servicing clients in the new technology—real estate, transactions, the firm's international practice and even its Office of Foreign Assets Control (OFAC) practice. The firm has even been an innovator in a new area of securitization. It was one of the first law firms to help set up decentralized autonomous organizations (DAOs) with the US Securities and Exchange Commission and assist in fund formation. Co-managing partner Cristina Carvalho said serving as go-to advisors on blockchain and digital asset business issues means "playing a part" in shaping this "new frontier." The firm's clients range from professional sports teams—the Brooklyn Nets, Los Angeles Lakers, —to cosmetic companies, internationally recognized brands like Diesel and Ferrari, and media and entertainment conglomerates like Warner Bros. Discovery and Sony. Lupo said he's not looking for clients to come into ArentFox Schiff's metaverse office and say, 'I need a lawyer.' "They can send us an email. I'm not looking for that. I'm doing this for street cred," said Lupo, explaining that in the early days of the internet, Arent Fox was one of the first firms to set up a chat room to field client queries, in a bid to show its credentials in the internet space. "We got contacted by Cisco, who would not call us. They would only speak to us via chat, because they wanted to see if we knew what we were doing. It was a credibility test," Lupo recalls. Lupo admits he doesn't know what will come of the metaverse, but he is confident that the firm's foray will yield dividends. "At worst, it's a beautiful advertisement. But our commitment to this growing field already gives us an edge with the business of assisting the client, soup to nuts, on understanding the legalities and the business hurdles for entering and protecting yourself in the metaverse—and making money." To introduce customers to the new office, ArentFox Schiff has produced a video walk-thru. In August, the firm published an ArentFox Schiff Industry Guide to the Metaverse to answer questions and anticipate concerns about what the evolving software technology will mean for impacted industries. Washington-headquartered Arent Fox combined with Schiff Hardin to form ArentFox Schiff in March.
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