Gunnercooke, a U.K.-based law firm claims that it was the first to accept crypto payments.
Bitcoin Asset Payments
Gunnercooke, a U.K-based commercial legal firm, is now accepting cryptocurrency to pay for its services. It claims it was one of the original major U.K. law firms that offered its clients the option to pay in cryptocurrency.
We’re delighted to announce that we are now the first major UK law firm to officially accept payment in cryptoassets. We’ve partnered with @coinpassglobalWe have made the necessary exchanges, and we now accept our first payment. @AttestantIO. https://t.co/3rIK4ZfS9d #CryptoNews pic.twitter.com/enH10N8O13
— gunnercooke (@gunnercooke) February 21, 2022
Gunnercooke has now registered Coinpass as a cryptocurrency exchange platform to route these payments, according to a Law Society Gazette. The report also names, Attestant, a cryptocurrency transactions verification service, as one of the law firm’s clients that are paying for services using cryptocurrency.
In his comments after the law’s firm formal confirmation that it will accept cryptocurrencies, Naseer Patel, finance director at Gunnercooke, explained the reasons that prompted the law firm to make this move. Patel is quoted in the report as saying:
Only a small number of U.S. legal firms have allowed crypto asset payments. So we’re excited to lead innovation in the U.K. — This will allow us to collaborate with more clients in different countries and give our partners flexibility for secure payments.
Highly volatile cryptocurrencies
Quinn Legal, a niche practice that also accepts crypto payments was mentioned in the report. However, some law firms were hesitant about accepting highly volatile crypto payments.
On the other hand, an unnamed spokesperson of the Solicitors Regulation Authority is reported to have stated that “how firms get paid is not something within our remit, as long as it’s legal.”
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