Ferguson Braswell Jumps On Crypto Payment Train
By J. Edward Moreno | June 3, 2021, 2:02 PM EDT
Ferguson Braswell Fraser Kubasta PC, a midsize Dallas-based firm, recently became the latest law firm to accept cryptocurrency as a form of payment for its services.
The move allows the firm’s attorneys to bolster their experience in digital currency, blockchain and intellectual property, FBFK said in its Wednesday announcement.
Cryptocurrency has skyrocketed in the past year, taking up much of attorneys’ and clients’ “lunch and water cooler conversations,” according to FBFK founder and CEO Kyle Ferguson.
“We pride ourselves as a law firm that appeals to a new generation of business owners and leaders, and this is something that they’re looking at,” Ferguson said.
Cryptocurrency has become increasingly mainstream over the years, with one benefit being that the transactional cost is lower, which in this case benefits both law firms and clients, Ferguson said.
Some BigLaw firms such as Quinn Emanuel Urquhart & Sullivan LLP, Steptoe & Johnson LLP and Perkins Coie LLP have been accepting cryptocurrency since at least 2013. FBFK — a 40-attorney firm with offices in Dallas, Plano, Houston and Silicon Valley — believes it’s the first midsize firm based in Dallas to accept cryptocurrency.
The firm had to create a payment processor that would accept cryptocurrency, for which Ferguson said its “bleeding edge” technical team is to thank. The payment option will now appear next to the credit card option and will be processed similarly.
Ferguson said the move came amid demand from certain clients such as Noel Geren, founder of Dallas-based smart sprinkler and irrigation system controllers company Sprinkl.
“FBFK has been a trusted legal partner for my companies for years, and the ability to diversify the way I pay and utilize cryptocurrencies because of their effortless and feefree transactions just sweetens the deal. FBFK is always ahead of the game,” Green
said in a statement.
Ferguson said it’s encouraging to see the legal industry, which is usually slow to embrace change, increasingly willing to adopt cryptocurrency as a form of payment.
“Historically, the legal industry has been notorious or at least recognized as being a little behind, but that’s really not the case anymore,” Ferguson said. “Over the last 20 years, we’ve seen the legal industry evolve and frankly become a little more leading-edge with regard to technology.”
–Editing by Philip Shea.