Though Katz Law is not the first law firm to accept Bitcoin, it will be the first such organization in Birmingham to embrace the digital currency. The law firm has announced plans to begin accepting the digital currency Bitcoin as payment for legal fees from next month i.e. December. The details are still awaited from the law firm.
Don Katz, managing member of the firm admitted that as his firm responds to the needs of clients, including how they wish to pay for the legal services, accepting Bitcoin was a natural. A lot of clients wish to pay in the digital currency for obvious benefits that it brings including transaction charges and fast payment.
In a press release the Katz Law Firm said Bitcoin could be accepted as soon as December, as according to the organization there has been a great interest in the digital currency. In response to an increasing interest from technologically-oriented clients wishing to transact business in digital currencies, the law firm decided to accept them.
Don Katz admits that Bitcoin is fast becoming a preferred method of payment for some clients, especially in cross-border transactions and according to him his organization has obtained comfort with the ethical issues and tax consequences involved, and put the necessary infrastructure in place to accommodate these clients’ payment preferences.
In the announcement the law firm says that as Bitcoin is not controlled by a central authority, it is similar to gold in its value, and it is becoming popular among some users who think fiats are manipulated. Also, the release from the law firm says Bitcoin supply is constrained mathematically up to a fixed amount of units that will only grow in a predictable manner.
Circle Internet Financial to Process Payment
Thus, the law firm is all set to accept Bitcoin as payment of fees earned and certain costs incurred. However, it has made it clear that retainers are not eligible for Bitcoin payment under the firm’s policy because the exchange rate volatility conflicts with legal and ethical obligations related to administration of the firm’s client trust accounts.
According the press release, Circle Internet Financial will administer and clear the Bitcoin transactions. Katz informed that Circle’s platform is consistent with the firm’s focus on agility and that is the reason this has been finalized. He added that the simplicity and efficiency of their technology are truly cutting edge in the cryptocurrency markets.
Katz admitted that his organization feels that Circle represents the future direction of digital currency for both consumer and (business to business) transactions.
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