A series of industries have been now disrupted by blockchain and Bitcoin. The next in line is none other but the law sector. Many law companies across the world are now accepting Bitcoin as an official payment method for various legal services.
The law industry seems to be catching up with the blockchain innovations and bitcoin payment methods recently. As Law.com reported, Carol Van Cleef, a Washington DC lawyer, who for many years has been representing clients involved in cryptocurrency businesses but has not been accepting payments in Bitcoin, clearly conveys this sentiment when she says:
“I’ve known for a long time that my opportunity to expand in certain areas has been affected by not taking it.”
The reputation of law firms is one of the most important assets they hold under their belts without a doubt. While Bitcoin has been slandered multiple times in the past year for being the currency of the criminals and terrorists, law firms are quickly recognizing the benefits of accepting the digital currency in their business.
One of the best examples is the New York-based McLaughlin & Stern, one of the oldest U.S. law firms, established in 1898, which become the first major U.S. law company to begin accepting Bitcoins as a method of payment.
The advantages that Bitcoin offers are second to none. The digital currency allows for cross-border secure transactions, low transfer fees, fast and real-time transactions that allow for transparency and convenience.
According to Bitcoinist:
“Interest in Bitcoin and its technology continues to grow among law firms, lawyers, and academics. As result, a group of lawyers founded the Digital Currency and Ledger Defense Coalition (DCLDC), whose mission is to foster innovation in these technologies. According to their website:
The DCLCD was founded to help protect individual constitutional rights and civil liberties in connection with regulatory and law enforcement scrutiny and efforts relating to digital currencies (e.g., bitcoin) and ledgers (e.g., blockchains).”
With its current breakthrough in the law industry, Bitcoin may turn around the bumpy road it is now going through with all the regulations around the world seeking to curb the “heat” on the cryptocurrency market. Bitcoin is here to stay and lawyers across the globe are now relying on it for transactions and legal services payment.