Parul
BNPL for legal expenses: LegalPay, an Indian litigation and insolvency financier, has announced a pay later product called LegalPay Max that helps businesses to pay for legal services in instalments.
According to the company, LegalPay Max is the next generation of payment solutions for the legal industry and was developed in response to the growing demand for free financing options.
As online payments continue to rise, legal professionals that offer flexible payment options can get paid faster, expand their potential clientele, and focus more on clients instead of chasing payments.
Kundan Shahi, Founder of LegalPay, said “With this new mode of financing, legal professionals can provide their clients with flexible payment options at no extra cost, thereby ensuring that all the focus and attentions stay on the case in hand.”
With LegalPay Max, businesses can avail a credit line up to Rs 50 Lakhs for all types of legal and professional expenses such as transaction, regulatory, advisory, arbitration, and other legal expenses and the same can be spread over a tenure of up to 6 months with no extra cost.
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Using LegalPay Max, will give businesses more control over their finances, and the option will be available to businesses looking for more payment flexibility, allowing them to select their preferred legal professional based on their requirements.
Legal professionals will still receive 100 per cent of their payment upfront while businesses utilising this option will have the buy now, pay later option.
“We are proud to solve the issue of legal expenses at large. The legal fraternity has welcomed LegalPay Max as it helps in providing financing for all types of legal expenses. Businesses and startups who have recently started or trying to become big have benefited from this offering as it covers financing of all different legal and compliance expenses. While LegalPay has already pioneered Litigation Funding, the Legalpay MAX platform is an embedded financing platform to finance all types of legal expenses” said Kundan Shahi.
In a pilot of the program, one law firm predicted a 25 per cent increase in its consultancy enquiry.
While LegalPay has already partnered up with several NBFCs to provide legal financing, it has also made a strategic acquisition of a Gujarat-based NBFC to further accelerate such financing. With the help of this strategic partnership and deep understanding of legal expenses, LegalPay has built an end-to-end technology platform where businesses can sign up and avail the credit line for their legal expenses.
Recently, the Bar Council of India, through its notification has allowed foreign law firms and lawyers to practice law in India. The decision comes after the liberalisation of the legal profession, one could expect businesses to reach out to these foreign law firms who will provide their global experience in the Indian legal industry.
Therefore, we will see an increase in the total market for legal expenses. LegalPay MAX will be a great fit for such transactions as this will increase the ticket size or super charge clients to use the best of legal services available in India. As expenses will increase, LegalPay MAX will be a great complimentary product where such law firms can provide their expertise in different areas of law.
