By Sara Merken | Bloomberg Law
More large law firms are accepting bitcoin payments for their legal services, signaling the digital currency’s firmer foothold in corporate America.
Representatives from firms such as Steptoe & Johnson LLP, Frost Brown Todd LLC, and McLaughlin & Stern LLP told Bloomberg BNA that they started the new payment option to meet the demand of clients that deal with cryptocurrency assets. Accepting bitcoin may also help the firms attract new clients, they said.
It is “not surprising that law firms that counsel companies that handle cryptocurrency or are looking for advice on cryptocurrency-related issues would be accepting cryptocurrency themselves,” Alan Cohn, co-chair of Steptoe’s Blockchain and Digital Currency practice, told Bloomberg BNA.
“Law firms are ultimately going to follow the demands of their clients,” Cohn said. Steptoe started accepting bitcoin about a year ago.