More Law Firms Are Accepting Bitcoin Payments
More large law firms are accepting bitcoin payments for their legal services, signaling the digital currency’s firmer foothold in corporate America.
Representatives from firms such as Steptoe & Johnson LLP, Frost Brown Todd LLC, and McLaughlin & Stern LLP told Bloomberg BNA that they started the new payment option to meet the demand of clients that deal with cryptocurrency assets. Accepting bitcoin may also help the firms attract new clients, they said.
It is “not surprising that law firms that counsel companies that handle cryptocurrency or are looking for advice on cryptocurrency-related issues would be accepting cryptocurrency themselves,” Alan Cohn, co-chair of Steptoe’s Blockchain and Digital Currency practice, told Bloomberg BNA.
Frost Brown Todd, a law firm with more than 500 lawyers spread across eight states, announced its acceptance of bitcoin payments Aug. 28.
Clients who work with cryptocurrency generally “have more cryptocurrency-based assets than they do fiat currency,” and clients had asked about paying in bitcoin to avoid converting the currency to cash, said John Wagster, a Nashville, Tenn.-based member of FBT who specializes in blockchain and digital currency, and electronic payments.
Between one and two dozen FBT clients have expressed interest in making bitcoin payments since the firm’s announcement, Wagster said. “We expect that to increase dramatically.”
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