The ABCNY has issued Formal Opinion 2019-5, requiring a lawyer receiving payment in cryptocurrency to comply with RPC 1.8(a) (business transactions with client), concluding it is different than an ordinary fee agreement.  It is thus advisable for attorneys to become familiar with RPC 1.8(a) and not assume that a typical engagement letter will be sufficient.

A recent Appellate Division decision illustrates the importance of a solid engagement letter that sets forth both the scope of the engagement as well as any limitations on the scope, i.e., what the lawyer is not being retained to do. In Murphy v. Shaw, Docket No. L-0869-13 (decided June 21, 2019), the lawyer was