Kenneth J. Falcon and Moish E. Peltz Co-Author Article for ILTA Exploring Cryptocurrency in Law Firms
FRB’s Managing Partner Kenneth J. Falcon, Esq., and Partner Moish E. Peltz, Esq., recently published an article titled “Law Firms and Cryptocurrency – Can They Be Happy Together?” with the International Legal Technology Association (ILTA) on the topic of law firms accepting cryptocurrency as payment.
In the article, Kenneth and Moish underscore the benefits of law firms embracing cryptocurrency as a payment method and emphasize the potential alignment with clients. They also point out potential cost savings and efficiencies due to lower fees and faster transactions. "We are meeting these clients where they are and demonstrating our shared values. Plus, it’s just good business,” they wrote.
They also address the complexities of law firms accepting cryptocurrency, including ethical considerations, and the need to plan for potential pitfalls like price volatility, diligence in handling or acting as a custodian of client assets, and the need to address issues like conflict checks and client disclosures.
The article also cites the opinions of bar associations, including the New York City Bar, and the District of Columbia Bar, regarding lawyers' acceptance of digital currencies as payment. Each concludes that these payment arrangements are acceptable provided they address the proper concerns.
For several years FRB has proudly accepted cryptocurrency payments (and continues to do so). FRB also stands ready to advise other law firms and service providers on the various commercial and practical considerations involved with accepting cryptocurrency payments.
Read the full article HERE.
To gain a deeper understanding of how law firms can navigate the upsides and downsides of cryptocurrency payments in the legal world, contact our Emerging Technologies & Blockchain Practice Group or fill out the form below.