Successful lawyers know that using alternative billing arrangements can help retain clients as well as attract new ones. To keep ahead of the game, smart law firms are “smelling the coffee” and boning up on what might be the next trend in client billing: using virtual currencies to pay for services rendered.
Virtual currencies are solely digital, and typically use cryptography technology to generate and validate transactions. Of the more than three dozen such currencies being used worldwide, by far the most popular one and granddaddy of them all is Bitcoin. With a market cap of $5.6 billion (USD), Bitcoin is used by merchants selling everything from baklava, electronics and dry cleaning to Web hosting.
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