Many law firms are rapidly adapting to the business environment that Bitcoin technology offers. As a result, these law firms, as well as independent lawyers, are increasingly accepting payments in Bitcoin for legal services.
Law Firms Are Adapting to the Crypto Environment
Many law firms are accepting Bitcoin as payment because customers request it. Others are accepting Bitcoin because they fear missing out on the opportunities that the new business environment promises.
As Law.com reports, Carol Van Cleef, a Washington DC lawyer, who for many years has been representing clients involved in cryptocurrency businesses but has not been accepting payments in Bitcoin, clearly conveys this sentiment when she says:
I’ve known for a long time that my opportunity to expand in certain areas has been affected by not taking it.
On the other hand, some law firms that have been involved in cases involving Bitcoin and other cryptocurrency businesses have already been accepting the cryptocurrency for many years.
For example, in May 2014, New York-based McLaughlin & Stern, one of the oldest U.S. law firms, established in 1898, become the first major U.S. legal practice to start accepting payments in Bitcoin.
The trend of accepting payments in cryptocurrency is now gaining momentum and expanding to a wide range of law firms, including solo attorneys.
John Wagster discusses how "More Law Firms Are Accepting #Bitcoin Payments" with @BloombergLaw #blockchain https://t.co/ex7jJm7XL7
— Frost Brown Todd (@FBT_law) September 7, 2017
Some law firms such as Frost Brown Todd accept bitcoin to demonstrate their commitment to their clients working in the crypto space. Frost Brown Todd advises clients launching Initial Coin Offerings (ICOs) and establishing hedge funds specializing in cryptocurrency assets.
International Law Firms Accept Payments in Bitcoin
Lawyers that undertake international assignments find that Bitcoin can significantly facilitate cross-border payment transactions because Bitcoin facilitates remote confirmation of transactions.
Moreover, Bitcoin offers low transfer fees, transparency in real time, fast settlements, and the execution of cryptographically-secured transactions.
In this regard, Nordic Law, after receiving requests from its foreign clients, started to offer these clients the option to pay in the cryptocurrency in October 2017. Nordic Law’s press release explains:
In our view, all relevant actors, including law firms, must adapt to the new business environments, wherein virtual currencies have a continuously growing significance.
Interest in Bitcoin and its technology continues to grow among law firms, lawyers, and academics. As result, a group of lawyers founded the Digital Currency and Ledger Defense Coalition (DCLDC), whose mission is to foster innovation in these technologies. According to their website:
The DCLCD was founded to help protect individual constitutional rights and civil liberties in connection with regulatory and law enforcement scrutiny and efforts relating to digital currencies (e.g., bitcoin) and ledgers (e.g., blockchains).
Bitcoin’s growth will most likely continue to encourage clients to request lawyers and law firms to accept Bitcoin and other cryptocurrencies as payment for legal services.
Do you think foreign clients will continue to push law firms to accept payments in Bitcoin and other cryptocurrencies? Let us know in the comment section below.
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