(Reuters) - Cryptocurrency prices have soared in 2021, with bitcoin hitting a market capitalization of $1 trillion and Citigroup saying the digital tokens could become the preferred currency for international trade. But lawyers, for the most part, aren't cashing in.

While some firms like Quinn Emanuel Urquhart & Sullivan do accept cryptocurrency, the volatile market - and the complications it represents for law firm management - have kept most away. That means the payments remain a novelty in Big Law even as more and more firms launch digital currency and blockchain practices and court clients in the industry.

Both the promise and the peril came into focus this week when Jason Cyrulnik, a former name partner at Boies Schiller Flexner spinoff Roche Freedman, sued his former colleagues, alleging they pushed him out after a cryptocurrency asset the firm accepted as client payment suddenly ballooned in value to $250 million, bringing his own share to $60 million. The firm has denied Cyrulnik's allegations.

Other firms have been accepting cryptocurrency payments without similar drama, at least publicly. Litigation powerhouse Quinn Emanuel announced in 2019 that it would accept cryptocurrency payments. Perkins Coie, based in the tech hub of Seattle, also accepts cryptocurrency, a representative said.

There are benefits to lawyers accepting cryptocurrency payments. Alan Cohn, a Steptoe & Johnson partner who helped found the firm's blockchain and cryptocurrency practice, said it's convenient for clients in that industry, and it gives lawyers direct experience with cryptocurrency assets.

Steptoe accepts bitcoin, the most popular cryptocurrency, directly. It also allows clients to pay with cryptocurrency via a payment processor. In both cases, the firm converts all of the cryptocurrency assets it receives into fiat currency, Cohn said, instead of holding on to them.

An asset's volatility could spook law firms from accepting it, at least in large quantities, said Ryan Wilson, a former federal prosecutor who is now a partner at Armstrong Teasdale. While banking giant Citi this month said bitcoin could become the preferred currency for international trade, it also warned the asset could face a "speculative implosion."

"Any conservative law firm does not want to subject themselves to the volatility of an asset that can swing wildly in value even over the course of 24 hours," Wilson said.

Some large firms are steering clear of cryptocurrency payments – for now at least. Sidley Austin management committee chair Larry Barden and executive committee chair Michael Schmidtberger laughed out loud last week when Reuters asked if their firm accepted bitcoin.

"Can you tell me what bitcoin will be valued at later this year?" Barden said.