Aussie firm adopts virtual money

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Lehman Walsh has become the first Australian law firm to accept major digital currencies as forms of payment.

From 13 September 2017, the firm has accepted Bitcoins, Ethereum and NEO Tokens in a move it says opens up possibilities and creates efficiencies that do not currently exist in the usual fiat currency markets, especially when dealing with cross-border clients.

The firm announced that it was onboarding the benefits of technological advances that its larger competitors “either shy away from or are too slow or too afraid to adopt”.

“Expanding our acceptance of Bitcoin, Ethereum and Neo Tokens may be seen by some as a brave move – after all, we’re talking about a volatile crypto-market where values fluctuate by double digits on a daily basis,” the firm said in a statement. “But we think that the risk we shoulder is worth the benefits that our clients receive.”

The firm identified its targeted expansion into the Chinese market as a mover behind the virtual currency adoption, where it set out to target and tailor to its start-up and corporate clients, and provide them with the ability to use its services without having to go through the difficulties inherent in the banking system there. There they decided to adopt NEO Tokens, a blockchain platform developed in China, as a form of payment for its fees.