Law firm clients may now pay legal fees with carbon credits under a scheme launched by a Miami, Florida-based law firm.

The Cueto Law Group, has started the first initiative of its kind in the professional services industry, allowing clients to pay up to 20 percent of their legal fees with carbon credits.

Carbon credits represent permits to emit climate-warming greenhouse gases. One carbon credit unit is commonly equal to one ton of carbon dioxide emissions.

Under the law firm’s program called “CO Too,” its clients can pay with carbon credits which the company can then trade in the international carbon markets.

"Our CO Too program is a way to help the environment, while at the same time providing an alternative way for clients to pay for professional services. We are proud to be leading the legal industry in this initiative,” said Santiago A. Cueto from the law firm.

Mr. Cueto said they are optimistic that other industries will follow their lead.

The law firm said carbon credits have gained significance as a legitimate currency with which to transact business.

"The current economic climate is a golden opportunity for the professional services industry to develop new ways to tackle global emissions,” Mr. Cueto, saying credits represent a “paradigm shift” in the way business is transacted.

The global carbon credit market was valued at $126 billion in 2008. The World Bank estimates that the market could grow up to $150 billion by the end of 2009.