Lucas Nicolet-Serra, counsel at K&L Gates Straits Law, has been recognised as one of the 2024 Singapore Asia Rising Stars by Asian Legal Business. He focuses on staying up-to-date with legal developments in fintech and health tech, showcasing dedication to achieving favourable outcomes for clients. His deep understanding in blockchain projects and digital assets positions him well to address the legal challenges facing companies entering the Web 3.0 and metaverse space.
ALB: Your practice spans multiple industries and regions. How do you stay current with the rapidly evolving legal landscapes in areas like fintech and health tech across different jurisdictions?
Nicolet-Serra: I use different strategies to stay up-to-date with fintech and health-tech legal developments and business trends across the region. I find seminars, webinars, and courses helpful to stay abreast of high-level regulatory developments and market trends. I also read legal briefings and updates on statutory and regulatory changes and recent decisions to stay current on more technical issues.
I also find actively participating in industry associations, forums, and conferences helpful, as it allows me to share my insights and learn from peers and experts about emerging trends and regulatory changes. For instance, I am an active member of APACMed, a Medtech association in the Asia-Pacific region. I have joined a number of their working groups as knowledge partner – one such group is their Artificial Intelligence and Ethics working group. I also have joined the Blockchain Lawyers Forum, whose objective is to help its members understand current trends by facilitating discussions among key industry players across different jurisdictions.
Additionally, I work at a fully integrated global law firm that allows me to work with colleagues across 48 offices on five continents. There’s a tremendous amount of talent and opportunities to collaborate on interesting and cutting-edge work for clients in these areas.
ALB: Can you share an example of a challenging cross-border dispute you've worked on and how you navigated the complexities?
Nicolet-Serra: One challenging cross-border dispute I worked on involved a contractual and intellectual property disagreement between a software company headquartered in the United States and a large financial institution located in multiple countries, including Singapore and London. The dispute arose over a breach of contract allegation regarding reverse engineering issues in the fintech space. Managing communications and negotiations across different time zones and cultural norms required sensitivity and clarity to ensure all parties understood the legal implications and arguments during the course of the matter.
The contracts themselves spanning over 30 years, were complex and involved clauses on territorial exclusivity and licensing rights. Interpreting these clauses and their application across different legal frameworks was crucial.
As we try to be pragmatic counsel, we also explored ADR and settlement options early in the process to assess cost and time efficiencies.
This combined approach allowed us to achieve a favourable outcome through negotiation, minimising disruption to the client's operations and preserving their relationships with their counterpart.
ALB: With your experience in blockchain projects and digital assets, what do you see as the most pressing legal challenges facing companies entering the Web 3.0 and metaverse space?
Nicolet-Serra: Entering the Web 3.0 and metaverse space presents pressing legal challenges for companies, particularly those involving blockchain projects and digital assets. In my opinion, one of the biggest challenges is navigating the regulatory landscape, which is still evolving and varies significantly across jurisdictions. Issues such as the classification of digital assets (e.g., cryptocurrencies, NFTs), regulatory compliance for token offerings, and the application of securities laws (anti-money laundering or KYC implications) pose substantial hurdles.
As the metaverse involves immersive digital experiences and vast amounts of user data, companies must navigate complex data privacy regulations (e.g., GDPR, PDPA). Ensuring compliance with these regulations while managing decentralised and pseudonymous user interactions presents significant challenges – specifically in the healthcare sector, where clients handle sensitive personal data.
To address the legal challenges, I collaborate with lawyers across our global platform, and have constant and open dialogue with regulators, technologists, and industry stakeholders to innovation. This all must be accomplished while safeguarding stakeholders' interests and maintaining market integrity. As the Web 3.0 and metaverse ecosystems continue to evolve, proactive adaptation of legal strategies will be essential for companies to thrive in this dynamic landscape.
ALB: How has your in-house counsel experience through secondments influenced your approach to client service and problem-solving in your current role at K&L Gates Straits Law LLC?
Nicolet-Serra: My secondments have significantly influenced my approach to client service and problem-solving. It provided me with firsthand knowledge of the operational challenges and strategic priorities of corporate clients – in particular when it comes to post-M&A integration. It has also helped me see things from the client’s perspective, and therefore be more empathic.
It also taught me the importance of aligning legal advice with broader business objectives. I focus on providing practical solutions that not only address legal issues but also contribute to achieving clients' commercial goals effectively.
This holistic approach enables me to offer comprehensive legal advice that accounts for both immediate challenges and long-term implications.
ALB: As a Rising Star in Singapore's legal scene, what advice would you give young lawyers looking to build a diverse and international practice like yours?
Nicolet-Serra: Building a diverse and international legal practice requires dedication, strategic planning, and continuous learning.
My initial advice would be to specialise in areas of law that interest you, but also stay curious and agile about emerging legal trends and developments globally.
Secondly, we are in a people-oriented business that requires relationships built on trust. Trust must be built over time, so it’s important to develop a broad network of professional allies across as many places and industries as early as you can.
Understanding different cultural nuances and sensitivities and building a network of diverse colleagues and peers from different places and regions will open many doors for you as time goes by. It could lead to a business or career opportunity or help you better connect with a new client based in a different cultural or legal environment.
Building an international practice takes time and persistence. Be prepared to face challenges and setbacks along the way and maintain resilience in pursuing your career goals.
