New report: Legal firms chasing demand for marijuana-related advice

herb-2915337_640Pot is hot in the legal field. According to a new report, law firms are scrambling to keep up with demand from clients seeking advice regarding marijuana legalization.

In a special report, The Recorder at Law.com offers a wide-ranging update.

“There is just too much business to be had for these firms to ignore this,” Law.com reporter Cheryl Miller says in a 15-minute “Legal Speak” interview. “We have 33 states and the District of Columbia now where some form of cannabis is legal, and there’s such a demand for legal guidance from all these businesses that are sprouting up in response.”

Miller says clients dealing in areas such as real estate and employment law need legal advice to keep up with the rapidly changing marijuana market.

The federal-state conflict remains a major issue, she cautions. Banking regulation or cross-border travel particularly into Canada are examples of problem areas.

But firms such as Quinn Emanuel Urquhart & Sullivan and Bradley Arant Boult Cummings are encountering high demand.

Miller says, “These lawyers are finding that it’s a natural outgrowth of strong employment practice, a strong real estate practice or a strong transactions practice or a strong litigation practice, and they’re having their existing clients come to them, and that leads to more business down the line.”

Cannabis the focus of new law practice

marijuanaA Los Angeles-based law partner from a prominent firm is launching a cannabis-centered practice, a signal that marijuana has become big business.

“Quinn Emanuel Urquhart & Sullivan is formally launching a cannabis practice in the latest sign that Big Law views this once-illicit market as a serious growth opportunity,” reported Bloomberg Law’s Big Law Business.

The practice will draw on the expertise of more than 12 partners from six offices, the site explained.

“At least a dozen other large law firms have launched cannabis industry practices with cannabis now legal for recreational use in 11 states and the District of Columbia. The firm said another 33 states permit its use for medical purposes,” Big Law Business reported.

Some analysts predict that the marijuana market will grow to $75 billion in the next 21 years, the article noted.

 

Courts Monitor publisher thinks that the newly emerging cannabis industry can learn a thing or two from the alcohol industry

Sara Corcoran is correspondent, contributing editor, and founding publisher of the National Courts Monitor & California Courts Monitor.

Sara Corcoran is a correspondent, contributing editor, and founding publisher of the National Courts Monitor & California Courts Monitor.

Sara Corcoran, the Courts Monitor publisher, thinks that the newly emerging cannabis industry can learn a thing or two from the alcohol industry. For example, as the repeal of alcohol prohibition turns 85 years old, the feuds between the “beer and wine” crowd and the “distilled spirits” companies could easily be repeated as cannabis regulation takes shape amid conflicted industry sectors. She is published at CityWatch LA, the regionally prominent Los Angeles-based opinion-and-politics website here.