From Skeptics to Power Players: Big Law’s Crypto Pivot
The cryptocurrency market, now valued at over $4 trillion, is no longer a fringe experiment—it’s a goldmine for Big Law. Once wary of digital assets due to regulatory fog and scandals like FTX’s collapse, elite firms are now racing to capture fees from IPOs, M&A deals, and compliance work. As regulators signal a thaw, with the SEC poised to “pave the way for crypto expansion into capital markets,” law firms are retooling to advise exchanges, stablecoin issuers, and blockchain innovators. This surge isn’t just opportunistic; it’s a strategic bet on a sector blending tech, finance, and high-stakes litigation, promising billions in billables.
IPO Frenzy: Circle’s Windfall and the Next Wave
Crypto’s IPO boom is fueling Big Law’s windfall. Stablecoin giant Circle Internet Group Inc. raised $1.1 billion in its June 2025 NYSE debut, priced at $31 per share but surging 168% to close at $83.23—delivering a payday for its legal team. Davis Polk & Wardwell LLP led the charge, advising Circle on the upsized offering, while Skadden Arps Slate Meagher & Flom LLP represented underwriters. Circle’s legal fees ballooned to $17.6 million in 2024 alone, up from $5.2 million in 2023, underscoring how crypto clients are reshaping firm economics.
The momentum continues: Peter Thiel-backed Bullish confidentially filed for an IPO in June 2025, with Gemini—founded by the Winklevoss twins—following suit. Davis Polk, a perennial IPO leader, is dueling Latham & Watkins for top billing, having guided Trump Media & Technology Group Corp. through similar waters. These deals highlight Big Law’s shift from bankruptcy wind-downs (like FTX) to growth advisory, where firms like Fenwick & West—once scrutinized in FTX probes—are now cleared and competing fiercely.
Regulatory Thaw and Compliance Gold Rush
A friendlier regulatory landscape is turbocharging demand. The SEC’s Democratic commissioner, Caroline Crenshaw, flagged opportunities for crypto in capital markets, amid states like Iowa and Arizona rolling out kiosk regulations effective July 2025. California’s Digital Financial Assets Law adds layers of compliance, prompting firms to advise on everything from money transmission to tokenized assets.
Chambers FinTech 2025 rankings spotlight the frontrunners: Latham & Watkins excels in capital markets and crypto regulation, counseling exchanges on SEC/CFTC filings; Perkins Coie dominates blockchain litigation and product structuring for challenger banks; Cahill Gordon & Reindel bolsters its profile with hires in derivatives and crypto disputes. Ropes & Gray advises on fund formations, like Bain Capital’s $560 million crypto vehicle, while Holland & Knight—home to ex-SEC enforcers—handles DeFi and NFT airdrops. DLA Piper, ranked Tier 1 in FinTech: Crypto by Legal 500, navigates payments and lending for global clients.
Talent Wars and Practice Builds: Who’s Hiring?
Big Law isn’t just advising—it’s investing. Firms are poaching specialists: Withers boasts over 100 crypto lawyers across continents, guiding ICOs and family offices on tax and estate planning. Greenberg Traurig’s 100+ attorney group tackles token structuring, mining ops, and blockchain-as-a-service. Oberheiden P.C. focuses on federal defenses for mining and smart contracts, while Crypto Legal expanded to the U.S. in 2025, snagging awards as Best Blockchain Law Firm.
On X, buzz underscores the frenzy: Momentum Search Group noted the “surge in IPOs, M&A, and regulatory work,” with firms vying for spots in a $4T industry. National Law Journal highlighted how crypto boosts “nearly every practice,” from antitrust to IP.
Risks and Rewards: Litigation Lingers, But Upside Beckons
Not all smooth sailing—Circle faces ongoing FTX-related suits, racking up $9.5 million in 2024 fees, with $1.9 million more in Q1 2025. Coinbase’s SEC battle, potentially complicated by Andreessen Horowitz’s Big Law ties, shows enforcement risks persist. Yet, firms like Paul Weiss and Sullivan & Cromwell are setting Web3 precedents, turning headaches into high-fee defenses.
For associates, it’s a career accelerator: Diverse work in securities, tax, and cyber, with global reach. As one X post quipped, “Big Law hitched onto crypto darlings well before the pop.”
The Bottom Line: Crypto’s Legal Renaissance
Big Law’s crypto push signals maturity for the industry—and a fee bonanza for firms adapting fastest. With IPO pipelines swelling and regs evolving, expect more mergers like Dentons’ blockchain integrations and specialized boutiques like Selachii scaling up. In a market where volatility meets validation, these firms aren’t just cashing in—they’re architecting the future of finance. For crypto players, the message is clear: Partner with Big Law early, or get left in the blockchain dust.