LegalPay, the litigation and insolvency financier, on Thursday announced the buy now pay later (BNPL) product, LegalPay Max, for legal expenses. The company said with this the businesses can avail a credit line upto Rs 50 Lakhs for all types of legal and professional expenses.
According to the company the pay later product will help businesses to pay for legal services in installments.
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, 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 attention stay on the case in hand.”
“With LegalPay Max, businesses can avail a credit line upto 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 upto 6 months with no extra cost,” the company statement said.
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, it added.
“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,” Shahi added.
The company added that while LegalPay has 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.
Moreover, the Bar Council of India (BCI) has agreed to open up law practice in India to foreign lawyers, foreign law firms.
The statutory body of lawyers has released rules for registration of foreign lawyers and foreign law firms in India. The latest rules enable foreign lawyers and foreign law firms to practice diverse international law, international arbitration in India.
These rules based on ‘principle of reciprocity in a well -defined, regulated and controlled manner’, the BCI said in the notification.
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