Big Law attorneys are feeling free to buy cryptocurrencies—and some are doing so—as most firms lack policies that restrict investments in digital assets.
Lawyers including Joshua Ashley Klayman of Linklaters and Joe Cutler of Perkins Coie confirm they have purchased Bitcoin, and in Cutler’s case Ethereum as well, and others say they have opened crypto wallets to become acquainted with the technology.
“I’ve known more than a couple lawyers who made a ton of money” investing in crypto, said Stephen Palley, co-chair of Brown Rudnick’s digital commerce group in Washington. “I’ve also known others who bet big and lost everything.”
Lawyers are following their own paths when it comes to crypto investing in the absence of clear firm guidance and a dearth of federal regulations. Some make calls based on firms’ general cautions to avoid mixing their own finances with client business interests.
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