The Lawyer
Institutional & Governance
Earns from regulatory complexity regardless of technology outcome
The Lawyer is one of the most cycle-resistant roles: they earn during the hype (helping companies structure around regulations), during enforcement (defending clients), and during the bust (insolvency proceedings). Unlike most roles, they don't need the technology to succeed — they need it to be regulated, which is inevitable.
How it earns
Billable hours (typically $500-$1,500/h for technology specialists); retainer arrangements with ecosystem companies; advisory roles.
How it fails
Billable hours maximization during regulatory uncertainty — prolonging ambiguity rather than resolving it. The Sullivan & Cromwell dynamic: advising FTX before its collapse, then also handling the insolvency proceedings.
Real examples across cycles
Linux / Open Source
- Eben Moglen (FSF general counsel, drafted GPLv3, founded the SFLC)
- Lawrence Rosen and Heather Meeker (open-source-licensing attorneys)
- the SCO v. IBM litigators (2003-2010, the 'Linux copyright war')
Crypto
- SEC defense specialists
- ICO legal opinion writers
- crypto-specific law firms
AI
- AI copyright specialists
- GDPR and AI Act compliance lawyers
- model liability advisors
People who play this role
Your first step
Write a clear analysis of one regulatory gray area — share it with practitioners.
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