- Gunnercooke says that one of his clients, Attestant, has already paid for services in Ether
- The adoption of cryptocurrencies will also favor company partners who prefer to be paid by alternative methods.
As mainstream crypto adoption continues to rise, more industries and sectors are attempting to incorporate these digital assets. In the US, several legal firms have been accepting cryptocurrencies for a while now, including Steptoe & Johnson, Perkins Coie, Frost Brown Todd, McLaughlin & Stern, and Quinn Emanuel Urquhart & Sullivan.
In the UK, the Gunnercooke law firm revealed yesterday that it started accepting crypto payments in Bitcoin and Ether. The move, Gunnercooke said, made it the first of any major company in the country to do so. By accepting legal fees in crypto, the company intends to accommodate its growing clientele that includes exchanges, developers, and platforms.
“It is vital that we accept payments in this way for our significant customer base, which spans the entire blockchain and crypto ecosystem. Accepting payments in crypto assets demonstrates our commitment and understanding of this important and growing community. Over the next decade, I hope to see a gradual transition towards the increasing acceptance of cryptocurrencies as a means of payment in general”, said the firm’s fintech partner James Burnie.
Coinpass will enable crypto support in the company
The FCA-approved cryptocurrency exchange Coinpass will facilitate the new payment channel. The law firm revealed that, so far, one of its clients, the cryptocurrency financial institution Attestant, has already completed the payment in Ether.
Gunnercooke CFO Naseer Patel noted the importance of the move as one that would help provide flexibility and put the company on the frontiers of innovation. In addition to the increased ability to span clients across different jurisdictions, Patel added that partners would benefit from choosing the payment modules of their choice.
“Until now, only a handful of US law firms allow payments with crypto assets, so we are proud to be at the forefront of innovation in the UK. Now we will be able to work with a wider variety of clients in different jurisdictions, as well as offer our partners the flexibility to receive payments securely in the way they choose”said.
In response to the news, a spokesman for the Solicitors Regulation Authority said the regulator has no influence on how companies collect their cash. Since the matter is not within his competence, the representative said that the Authority only requires that the method used be legal.