With LegalPay Max, businesses can avail of a credit line of upto INR 50 Lakhs for all types of legal and professional expenses.
New Delhi: LegalPay, India’s leading litigation and insolvency financier, has announced a pay later product called LegalPay Max that helps businesses to pay for legal services in instalments.
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 upto INR 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 upto 6 months with no extra cost.
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% of their payment upfront while businesses utilizing this option will have the buy now, pay later option.
“We are proud to solve the issue of legalexpenses at large. The legal fraternity has welcomedLegalPay 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 anembeddedfinancing platform to finance all types of legal expenses” said Kundan Shahi. In a pilot of the program, one law firm predicted a 25% 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, through its notification, the Bar Council of India has allowed foreign law firms and lawyers to practice law in India. The decision comes after the liberalization 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.
About Legalpay:
LegalPay is India’s first tech-driven fintech specialising in legal and debt financing. It has played a pivotal role in the revival of various companies which were undergoing CIRP. LegalPay provides funds to corporate debtors who need Interim Finance that ranges from Rs. 30 Lakhs to 50 Crores. LegalPay is backed by a strong team comprising Company Secretaries, Lawyers (Alumni of India’s top-ranking college), MBA, Economists, and Charted Accountants.
