Gunnercooke pledges to be the first major law firm in the UK to accept bitcoin payments. Payments will be processed via Compass, a bitcoin asset exchange that is registered with the Financial Conduct Authority. The company thinks that the option will be well-received by clients in the crypto-asset market. Several specialists practises, including the Isle of Man-based Quinn Legal, have previously said that they will accept virtual currency payments.
Gunnercooke, a full-service commercial organisation, is the latest to declare that it will accept payment for services in cryptocurrencies such as Ether and Bitcoin. It claims to be the first large law practice in the UK to provide this option to customers. Payments will be processed via Compass, a Financial Conduct Authority-registered crypto-asset exchange. The company anticipates that the option will be popular with clients in the crypto-asset industry.
Attestant, a bitcoin transaction verification service, is mentioned in the gunnercooke announcement as one that accepts Ethereum payments. Several specialists practise, notably, the Isle of Man business Quinn Legal, have already indicated that they will take crypto assets as payment, but the sector as a whole remains sceptical. One difficulty is currency volatility: Bitcoin has fallen from a high of £47,700 to £28,205 in recent months.
Naseer Patel, finance director at gunnercooke, adds, ‘Until recently, only a few US law firms have accepted crypto-asset payments, therefore we are happy to be at the forefront of innovation in the UK.’ We will now be able to deal with a broader range of clients across many jurisdictions, as well as provide our partners with the freedom to be paid securely in the manner of their choice.’ The Solicitors Regulation Authority has said that it does not have a stance on payment in crypto-assets. ‘How firms are paid isn’t something we’re interested in, as long as it’s legal,’ said a representative.