- Gunnercooke says one of its clients, Attestant, has already paid up for services in Ether
- Crypto adoption will also favour partners at the firm who would prefer getting paid in alternative methods
As mainstream crypto adoption continues rising, more industries and sectors are trying their bit to incorporate these digital assets. In the US, a number of legal firms have been accepting crypto for a while now, including Steptoe & Johnson, Perkins Coie, Frost Brown Todd, McLaughlin & Stern, and Quinn Emanuel Urquhart & Sullivan.
In the UK, law firm Gunnercooke revealed yesterday that it started accepting crypto payments in Bitcoin and Ether. The move, Gunnercooke said, made it the first among major firms in the country to do so. In taking legal fees in crypto, the firm intends to suit its growing clientele that includes exchanges, developers, and platforms.
“It’s vital that we accept payment in this way for our substantial client base, which spans the entire blockchain and crypto asset ecosystem. Accepting payment in crypto assets 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,” said financial technology partner at the firm James Burnie.
Coinpass will enable crypto support at the firm
The FCA-approved Coinpass crypto exchange will facilitate the new payment channel. The law firm revealed that thus far, one of its clients, crypto-staking financial institution Attestant, has already completed payment in Ether.
Gunnercooke’s finance director Naseer Patel noted the importance of the move as one that would help provide flexibility and place the firm at the frontiers of innovation. In addition to the increased ability to encompass clients across varying jurisdictions, Patel added that partners would benefit by choosing payment modules of their preference.
“Up to now, only a few US law firms allow for cryptoasset payments, so we are proud to be at the forefront of innovation in the UK. We will now be able to work with a wider variety of clients across different jurisdictions, plus offer our partners the flexibility to be paid securely in the way they choose,” he said.
In response to the news, a spokesperson from the Solicitors Regulation Authority said the regulator does not influence how firms collect their cash. As the matter is not within its purview, the representative said the Authority only requires that the method used is legal.