Gunnercooke gets onboard with Bitcoin
Gunnercooke says it has become the first major UK law firm to accept payment for legal services via crypto currencies such as Bitcoin and Ether.
The commercial law firm, which has ten offices across the UK and Germany, is claiming to be the first major law firm in the UK to offer clients the new payment option.
Payments will be made through Coinpass, a cryptoasset exchange registered with the Financial Conduct Authority.
The firm expects the new payment option to be popular among clients in the crypto assets sector. So far, Attestant, a cryptocurrency transactions verification service, has paid the firm for its legal consultancy services using Ether this week.
Naseer Patel, finance director at Gunnercooke, said: “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.”
Law firms are beginning to accept Bitcoin for their services, demonstrating the digital currency’s firmer foothold. Quinn Legal last year became the first law firm in the Isle of Man to accept Bitcoin payments from clients.
And just last month, one of the country’s most senior judges, Sir Geoffrey Vos, urged the legal profession to get to grips with “blockchain, smart legal contracts and cryptoassets”.
Bitcoin is currently trading at $37,642 (£27,644) after a rocky few months. It has been predicted the crypto could reach $200k in the latter half of 2022.
Non-fungible tokens (NFTs) — a digital token or collectible — are also taking off at law firms, with Stephenson Law becoming the first to sell legal advice as an NFT back in October.