Legal News

More Lawyers Accepting Bitcoin
Download PDF

Bitcoin payment

Summary: More lawyers are accepting Bitcoins from clients, but not for retainers.

Imagine being able to pay your lawyer with a cryptocurrency. Another lawyer has announced he will accept Bitcoin payments for his services, though he will still insist on regular money for his retainer. Michigan business and tax lawyer Donald Katz is the latest lawyer to jump on the Bitcoin wagon.

  
What
Where


Virginia Law Firm Plans to Accept Bitcoin for Payment

Bitcoin is a digital form of currency that is more like property than currency since its value can change. For tax purposes, its fair-market value is calculated on the day it was received. When the Bitcoin payment is later spent, it’s at a capital gain or loss, depending on the market value at that point.

This is why the payment in Bitcoin must be for current services and not for future services like a retainer. A single Bitcoin has been valued between $300 and $1000 with it currently holding a market value of $375.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Bitcoin is a service like Paypal where money is sent between two parties. The transaction is irreversible unless one party chooses to send it back. It is cheaper to use than Paypal since the fee is based on the number of transactions and not the amount of the transaction.

While some countries do not allow Bitcoin, including China, it is a popular service around the globe. It has no central authority or middleman and is entirely powered by the users.



Read about Bitcoin in Money Laundering Operations.

Katz’s move to accept digital currency has three obvious upsides. The first is he may be able to attract clients who aren’t in the position to make traditional payments, but who happen to have a surplus of Bitcoin. (Many technology companies transact business solely in Bitcoin now). The second advantage is the value of Bitcoin may go up, resulting in more profits for the lawyer. And of course the third benefit is all of the free publicity he’s getting.

 

Source: ABA Journal

Additional sources: www.ocbar.org

Photo: rahulchand.net



 

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Defense Attorney with 3-4 years of litigation experience

USA-CA-San Francisco

San Francisco office of our client seeks defense attorney with 3-4 years of solid litigation experie...

Apply Now

Attorney with 3-7 years of litigation experience

USA-IL-Chicago

Chicago office of our client seeks attorney with 3-7 years of litigation experience. The candidate s...

Apply Now

Mid-level IP Litigation Attorney with electrical engineering experience

USA-CA-San Francisco

San Francisco office of our client seeks mid-level intellectual property attorney with 3-5 years of ...

Apply Now

Labor and Employment Attorney with 3-4 years of litigation experience

USA-CA-Los Angeles

Los Angeles office of our client seeks labor and employment attorney with 3-4 years of litigation ex...

Apply Now

RELEVANT JOBS

Trust Administrative Associate / Office Manager

USA-NV-Reno

FIRM OVERVIEW: Laurel Trust Company (LTC) a retail trust company under organization in Reno, Nev...

Apply now

Associate Attorney

USA-NV-Minden

Over my objection, and after nineteen years together, my 69 year old partner is retiring.  I ne...

Apply now

Part-time Paralegal / Legal Assistant

USA-GA-McDonough

Family Law and Criminal Defense law firm is seeking part-time (20-30 hours per week w/ Flexible sche...

Apply now

Legal Assistant (Dallas)

USA-TX-Dallas

We are a growing firm in need of an experienced, reliable, flexible, and proactive litigation Legal ...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top