A Birmingham-based law firm announced this week it will begin accepting Bitcoin as payment in response to client requests.
“Bitcoin is fast becoming a preferred method of payment for some clients, especially in cross border transactions,” says Don Katz, the managing member of the Katz Law Firm. “Our firm responds to the needs of our clients, including how they wish to pay for our service.”
Starting as early as December, the firm will accept Bitcoin only for the payment of fees earned and certain costs incurred. Katz says retainers are not eligible for such payments as the exchange rate volatility conflicts with legal and ethical obligations related to administration of the firm’s client trust accounts.
The firm has teamed with Circle Internet Financial in Boston to administer and clear the firm’s transactions involving Bitcoin, as well as other exchange related transactions.
“Circle’s platform is consistent with our firm’s focus on agility,” Katz says.
The Bitcoin peer-to-peer network is made up of thousands of computers run by individuals around the world and is not controlled by a central authority. It is similar to gold in that its supply is constrained mathematically to up to a fixed amount of units that will only grow in a predictable manner, Katz says.