File image: IOL.

NEW YORK - Trade-focused outlet Law.com. has revealed in a report that many law firms are working with startups, by accepting payment in cryptocurrencies. 

This team effort comes with the aim of landing more business opportunities for the Lawyers. It all centers around showing that they’re invested in what their clients are building. 

According to the report, it is not just small firms that are accepting cryptocurrencies, firms such as The international law firm, Perkins Coie, has apparently been accepting bitcoin payments since 2013.

Other firms to accept cryptocurrency include Steptoe & Johnson and Frost Brown Todd. Some of the attorneys surveyed in the story say they’re perfectly happy with the development.  Others worry about the cryptocurrencies’ unpredictable behaviour. 

For example, when accepting bitcoin, one will have to trace it to ensure it hasn’t come from illegal activity. “I like the anonymity of it,” criminal defense attorney Jay Cohen tells Law.com.

“But at the same time, I had to decline to represent people who wanted to do it because I don’t want to be investigated by anyone.”, said Cohen.

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 - BUSINESS REPORT ONLINE