The DC bar association has announced that Legal practitioners in the United States capital (Washington DC lawyers), can now accept digital currencies as a means of payment for their legal services.
This was contained in the district bar’s most recent ethics opinion, which noted crypto would now be accepted as a means of payment for legal services as long as the fee agreement is fair and is only permissible if the lawyer can safely receive and store the payment.
Additionally, the Washington DC bar association stated digital currency is simply a relatively new way of transferring economic value. Although the Bar did not identify crypto as currencies like general fiat currencies, it, however, likens digital currencies to payment in property.
Also, the group said Washington DC lawyers must know about blockchain tech, the underlying technology of Bitcoin and other cryptos, to ensure the safety and protection of all advance fees.
Washington DC lawyers accept crypto owing to adoption
The DC Bar said the main reason Washington DC lawyers now accept crypto payment is the increasing use of digital currency as a form of payment among vendors and service providers.
Although it recognizes the volatile nature of cryptocurrencies, however, it noted that fairness to the client should be considered in fee arrangements.
Carol Van Cleef, a popular Washington DC lawyer, expressed her enthusiasm with the new initiative. She noted although lawyers are typically very risk-averse and might not to be on the side of cryptocurrencies.
“Lawyers 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,” DC bar said.
Washington DC fourth bar to accept crypto
It worth noting that Washington DC, with the new initiative, becomes the fourth Bar to allow crypto as a form of payment for legal service. New York City, North Carolina, and Nebraska bars have also accepted cryptocurrencies as a form of payment for lawyers.
Also, according to a report in Law.com, some of the big law firms that have been representing bitcoin and other cryptocurrency companies since 2013 have been accepting Bitcoin payments.
Although most recently, small and big law firms alike, including solo attorneys, have started accepting cryptocurrencies payments to meet both the needs of their practices and clients.