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

See all articles by Herrick K. Lidstone

Herrick K. Lidstone

Burns, Figa & Will, P.C.; University of Denver Sturm College of Law

Erik Schuessler

Burns, Figa & Will, P.C.

Date Written: February 9, 2019

Abstract

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

Suggested Citation

Lidstone, Herrick K. and Schuessler, Erik, Accepting Cryptocurrency As Payment for Legal Fees: Ethical and Practical Considerations (February 9, 2019). Ethical and Practical Considerations, October 5, 2018 . Available at SSRN: https://ssrn.com/abstract=3259281

Herrick K. Lidstone (Contact Author)

Burns, Figa & Will, P.C. ( email )

6400 S Fiddlers Green Circle
Suite 1000
Greenwood Village, CO 80111
United States
303-796-2626 (Phone)
303-796-2777 (Fax)

HOME PAGE: http://www.bfwlaw.com

University of Denver Sturm College of Law ( email )

2255 E. Evans Avenue
Denver, CO 80208
United States

Erik Schuessler

Burns, Figa & Will, P.C. ( email )

6400 S Fiddlers Green Circle
Suite 1000
Greenwood Village, CO 80111
United States

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