The Katz Law Firm recently announced it will begin accepting Bitcoin as payment for earned legal fees as soon as December.
The firm, based in Birmingham, said it is responding to an increasing interest from technologically-oriented clients wishing to transact business in digital currencies.
Consequently, the firm established the means for these clients to remit fees in Bitcoin.
“Our firm responds to the needs of our clients, including how they wish to pay for our services." said Don Katz, the firm's managing member.
Katz said Bitcoin “is fast becoming a preferred method of payment for some clients, especially in cross border transactions. We have obtained comfort with the ethical issues and tax consequences involved, and put the necessary infrastructure in place to accommodate these clients’ payment preferences."
The firm indicated that Bitcoin will only be accepted for the payment of fees earned and certain costs incurred.
Retainers are currently not eligible for Bitcoin payment under the firm's policy because the exchange rate volatility conflicts with legal and ethical obligations related to administration of the firm's client trust accounts.
The firm has teamed with Circle Internet Financial to administer and clear the firm’s transactions involving Bitcoin, as well as other exchange related transactions.
“Circle’s platform is consistent with our firm's focus on agility,” said Katz. “The simplicity and efficiency of their technology are truly cutting-edge in the cryptocurrency markets, and we feel that Circle represents the future direction of digital currency for both consumer and B2B transactions."
Bitcoin is a form of digital currency, created and held electronically. Bitcoins aren’t printed, like dollars or euros — they’re produced by people running computers around the world, using software that solves mathematical problems.
It’s the first example of a growing category of money known as cryptocurrency.
The Katz Law Firm serves clients, domestically and internationally, on legal and tax issues arising from the ownership and operation of small- and medium-size businesses.
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