Are attorneys ethically permitted to receive advanced fees in cryptocurrency?

Goldberg Segalla attorneys Matthew H. Feinberg and Jeffrey Cunningham of the firm’s Management and Professional Liability practice group address this question in an article for Law360.

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

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