You can also see this post on my blog HERE.
Ten law firms have joined the Ethereum Enterprise Alliance's (EEA) Legal Industry Working Group. One such firm, Jones Day, has a reported revenue of close to 2 billion USD for 2016. This addition was announced in an EEA press release on August 14th.
The major appeal of the Ethereum protocol for law firms is likely it's support for smart contracts. A smart contract is much like any other contract, however, Ethereum smart contracts are code that runs on the Ethereum blockchain. This means that they are guaranteed to function exactly as written, on their own, free from manipulation. For example, if your contract dictates that 5 ether will be sent to your employee every Friday that is exactly what will happen, without fail, every time. The contract is "set in code".
The EEA is the largest Ethereum collective in the world, with companies such as Intel, Mastercard, and J.P. Morgan among the over 150 members. As the Ethereum blockchain grows in acceptance, it's likely that even more companies will join the EEA.
More information about this can be found in the official Ethereum Enterprise Alliance press release. I will also be going into further detail about the EEA in my upcoming book, titled The Blockchain Era.