DC lawyers can now accept crypto for legal fees
According to a report by Bloomberg Law, cryptocurrency can now be used to pay for legal services as long as the fee agreement is fair and is only permissible if the lawyer can safely store the payment, stated the District of Columbia Bar.
The organization said, “[Attorneys] cannot hold back the tides of change even if they would like to, and cryptocurrency is increasingly accepted as a payment method by vendors and service providers, including lawyers.”
The committee agreed to the unpredictable nature of cryptocurrencies and stated that honesty to the client should be maintained in fee arrangements. The clients of District lawyers are permitted to discuss with outside legal counsel on any crypto-payment deal, and attorneys need to obtain written consent from clients regarding the fee agreement.
Lawyers also must be proficient in blockchain, the underlying technology of bitcoin and other cryptocurrencies, to maintain the security and protection of all advance fees. The bar wants lawyers to understand and safeguard against the numerous ways how cryptocurrency can be misused, stolen, or lost.
Bar associations in other jurisdictions, such as New York City, North Carolina, and Nebraska have approved the acceptance of cryptocurrency as payment earlier.