Innovative New York City law firm, Forefront Group Ltd, recently became the first prominent firm to accept Bitcoin for payment of legal fees. The new chapter in legal billings opened on June 25, 2013, with the launch of Forefront’s new web site.
Forefront itself was launched two years ago with a primary focus on serving growth companies from start-up through the entire company life cycle. Forefront’s highly experienced lawyers bring practical guidance and deep legal expertise to their clients. Nearly 50 growth companies now rely on Forefront as their “general counsel” providing strategic and legal advice from an experienced team of legal experts and entrepreneurs.
“As a former econ prof, I find the Bitcoin story irresistibly fascinating,” explains founding partner Don Carlson, who taught economic theory at Williams and Harvard and worked at Goldman Sachs before starting Forefront. “Bitcoin is rapidly establishing itself as an important new economic reality, with major implications for global markets. We want to be ‘on the Forefront’ of shaping the development of virtual currency. The best way for us to be on the cutting edge is for us to accept Bitcoin ourselves — so we have a real time feel for the practical pros and cons of this emerging currency.”
Forefront advises clients ranging from private equity firms to angel investors to entrepreneurs, breaking the traditional law firm mold by using novel pricing structures, creative lean staffing, and a flat team of senior expert lawyers. “As an entrepreneurial firm started just two years ago, we are in the start up game ourselves rather than advising from the sidelines,” says Founding Partner Jason Gabbard (ex-Cravath). “Together with scores of our clients, we understand the key pain points of the start-up community. Most important, we shoulder the responsibility for efficient staffing and delivery of legal services, so our clients don’t have to. The Forefront model brings certainty to legal fees and shifts the burden of worrying about cost from our clients to ourselves.”