Crypto ‘Cool,’ But Law Firms Beware

Law firms can—and more do—accept cryptocurrency payments or help clients with initial coin offerings, but legal experts say they can’t ignore ethical shortcomings and other risks.

• Hip and Cool: Latham & Watkins General Counsel Matthew K. Roskoski says some attorneys may want to accept cryptocurrency to show “we’re hip and cool and on top of stuff.” Lawyers are in the client-service business, so they may dive in if one asks for that option.

• Volatile, Complex: While digital currency is popular, it isn’t considered legal tender by the IRS and it’s prone to market volatility. Ethical issues may flare ...