Accepting Cryptocurrency As Payment for Legal Fees: Ethical and Practical Considerations
Ethical and Practical Considerations, October 5, 2018
8 Pages Posted: 28 Oct 2018 Last revised: 30 Apr 2019
Date Written: February 9, 2019
In the early 1970s, the legal community grappled with whether to allow payment of legal fees by then-innovative means: the credit card. The first ABA opinion on the subject permitting payment of legal services by credit card was issued in 1974.
Today, attorneys are faced with another cutting-edge method of paying legal fees: virtual currency, also known as cryptocurrency. Cryptocurrency is not money - it is property. Attorneys accepting cryptocurrency in payment of fees raises a number of ethical and practical issues which should be addressed by the attorney in the engagement letter with the client.
Keywords: Cryptocurrency, Bitcoin, Ethereum, Ethics, Rules of Professional Conduct
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