Alan Cohn, an of counsel at the firm and former assistant secretary in the Department of Homeland Security, and Jason Weinstein, a partner and former deputy assistant attorney general, set up the firm’s blockchain practice group around one year ago.

Much to come

Mr Cohn told Bloomberg that he views blockchain, the technology that enabled Bitcoin and other forms of digital currency, as ‘in the same stage as the commercial internet industry was in the early to mid-1990s,’ with ‘lots of development to come, highs and lows, setbacks.’

‘We’re counselling other companies about accepting the risks and the challenges and opportunities of digital currency,’ he added. ‘We should really be walking the walk.’

Currency, not an investment

Mr Cohn clarified that Steptoe will use Bitcoin as a ‘mechanism’ for accepting payment of legal fees and is not investing in Bitcoin as a currency appreciation.