As cryptocurrency becomes increasingly accepted, some law firms are now beginning to also accept cyrptoasset payments for legal services.
In the UK, the first major law firm to accept cryptoasset payments is innovative law firm GunnerCooke who have joined other professional groups who are beginning to do the same thing.
In a press release issued by the law firm this week, Finance Director Naseer Patel said the development meant that the law firm would be able to work with a wider range of clients across different jurisdictions, as well as offering a greater ability for clients and partners to pay.
gunnercooke has built up a major FinTech and Cryptoasset full-service practices with experts in the UK and Germany, including James Burnie FRSA and Wolfgang Richter. Burnie hosts the firm’s Crypto Cast podcast, a leading source of industry news, featuring guests from Ziglu, The Law Commission, Copper and Nickel Digital Asset Management.
Financial Services & FinTech Partner James Burnie said in the press release: “We are delighted to be the first major UK law firm to officially start accepting payment in cryptoassets.
“It’s vital that we accept payment in this way for our substantial client base, which spans the entire blockchain and cryptoasset ecosystem. Accepting payment in cryptoassets demonstrates our commitment to and understanding of this important and growing community.
“Over the next decade I expect to see a gradual transition towards cryptocurrency becoming increasingly accepted as a means of payment generally.”
Jeff Hancock, CEO at coinpass added: “The team at coinpass are proud to be gunnercooke’s crypto exchange partner. We’re especially excited to be partnered with an organisation that has ambitions to push blockchain and crypto forward in the U.K.”
Robert Olsen, CCO, Attestant Limited said: “Attestant is pleased to make this inaugural cryptoasset payment in Ether to gunnercooke. We believe accepting crypto-payments will solidify their position as the premier UK law firm working in the digital asset space. The firm has been a trusted and valued partner in our journey from a start-up to a thriving business, and we look forward to working with them for many years to come.”
The use of cryptoasset payments for law firms will unquestionably continue to develop apace and particularly as a selling feature for law firms seeking to build their reputation in the online world of the metaverse, cryptocurrencies and digital transformation.