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June 06, 2014

New York Law Firm Jumps on the Bitcoin Bandwagon

Supporters of the crypto-currency Bitcoin were celebrating on June 3, when the currency found itself being accepted into a new market. A New York-based law firm announced on Tuesday that it will be adopting Bitcoins as a means of payment for their legal services.

NS Wasserstein & Associates, PLLC, a law-firm dedicated to entrepreneurial legal services, has taken a surprising turn by becoming one of the first law firms to accept the cypto-currency.

Bitcoins are a strange form of currency, having no physical form and no outside regulation from governmental bodies, the coins exist solely in the digital world. Choosing to accept a seemingly unstable currency is a big decision for any company. However, as the currency grows in popularity, many companies are becoming open to them. Just a few major companies that accept Bitcoins include Virgin Galactic, Overstock.com, eBay, Tesla, and PayPal.

Nat Wasserstein, of NS Wasserstein & Associates, PLLC, believes that Bitcoins and other digital currencies aren't going away anytime soon, and are likely to become a major component of commerce in the future. Legal firms that want to stay up to date will need to open their minds to innovations like Bitcoin in the eyes of Wasserstein.

"Legislators and lawyers tend to be late-stage adopters to innovation. Bitcoins are real currency, and are already playing an important role in business and the economy. Our clients are driven, Internet and technology savvy, and they're increasingly expecting us to innovate and move forward with or even ahead of the curve. Accepting Bitcoins just makes good sense," Wasserstein said in a press release.

As a firm that provides legal services specifically to entrepreneurs, the adoption of Bitcoins seems to be a savvy move for the firm. Entrepreneurs are embracing the digital age, and part of that embrace includes digital currencies. Many of their clients are likely to accept payment through Bitcoins. By accepting Bitcoins, the law firm will draw many of those entrepreneurs that desire legal services without having to convert their currency into US dollars. The convenience and statement of support for digital entrepreneurs will likely draw more clients for NS Wasserstein & Associates, PLLC.




Edited by Alisen Downey




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