Are attorneys ethically permitted to receive advanced fees in cryptocurrency?
Matt and Jeff analyzed ethics opinions on cryptocurrency from the American Bar Association, Nebraska’s Lawyer’s Advisory Committee, New York City Bar Association, Virginia Bar Association, North Carolina State Bar Association, D.C. Bar Association, and Maryland Bar Association.
Based on their analysis, the attorneys conclude that accepting cryptocurrency in New York is permitted as long as it does not violate the New York State Rules of Professional Conduct. They caution that given the potential pitfalls still present, that an attorney can “liquidate any cryptocurrency into fiat immediately upon receipt of payment.”
“This is likely the more prudent approach to take, especially for an attorney not as familiar with cryptocurrency and until the tech is more universally adopted,” they said. “In the meantime, unless an attorney has the means necessary to adhere to the rules, better safe than sorry.”
READ THE FULL ARTICLE: “The Ethics of Accepting Advanced Legal Fees in Crypto,” Law360, December 19, 2023
MORE ABOUT GOLDBERG SEGALLA’S MANAGEMENT AND PROFESSIONAL LIABILITY GROUP:
Our clients take professionalism as seriously as we do. Stockbrokers, corporate officers, architects, and other attorneys—they strive to deliver with consistency the highest standard of care expected in their industry. When their clients or other parties do bring claims, for whatever reason, these professionals, directors, executives, and their insurers trust our commitment to professionalism—and to professionals.
Attorneys in Goldberg Segalla’s nationwide Management and Professional Liability practice group leverage hindsight, foresight, and insight to deliver cost-efficient and strategic legal solutions for our clients—every time.