Law Firm Now Accepts Bitcoin as Payment for Services Rendered
Allowing Clients to Maintain Privacy and Simplify International Payments
Birmingham, MICHIGAN (November 19, 2014) - The Katz Law Firm announced this week that it will begin accepting Bitcoin as payment for earned legal fees and certain billed costs as soon as December 5th. The Michigan based law firm recognizes the increased demand for technologically-oriented entrepreneurial clients to transact in digital currency, and has established a means for these clients to pay in Bitcoin.
"Our firm responds to the needs of our clients, including how they wish to pay their bills for our services.” Says Don Katz, the firm's managing member. "Bitcoin is fast becoming a preferred method of payment for some clients, especially in cross border transactions. We have obtained comfort with the ethical issues and tax consequences involved, and have put the necessary infrastructure in place to respond to our clients’ payment preferences.”
The firm indicated that Bitcoin will only be accepted for payment of fees earned and certain costs incurred. Retainers are currently not eligible for Bitcoin payment under the firm’s policy because the exchange rate volatility conflicts with certain legal and ethical obligations related to administration of the firm’s client trust account.
The firm has selected and established accounts with Circle Internet Financial (“Circle”) to facilitate, administer, and clear the firm’s transactions involving Bitcoin, as well as other transactions.
Bitcoin is the world's most widely used cryptocurrency. The Bitcoin peer-to-peer network is made up of thousands of computers run by individuals around the world and doesn't answer to a central authority. It is similar to gold in that its supply is constrained mathematically to up to 21 million units that will grow in a predictable manner.
Circle is a privately held digital currency company based in Boston and with international operations headquartered in Dublin, Ireland. It provides fully insured electronic wallet to store Bitcoin and also provides exchange services to convert Bitcoin to various currencies or choice.
About the Firm
The Katz Law Firm delivers legal and advisory services to businesses, business owners and investors. Based in Birmingham, Michigan, the firm’s attorneys serve clients around the word on legal and tax issues arising from the ownership and operation of small- and medium-size businesses. Prior to founding the firm, Donald Katz, its managing member, was counsel for the $9 billion Combat Systems Tax Group at General Dynamics Corporation. Mr. Katz is well published on taxation and various business law issues. For more information, visit www.donaldkatzlaw.com or call 248-733-4502.
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Donald Katz, PLLC
Email address: email@example.com