LegalPay, a litigation and insolvency financier, has announced a pay later product called LegalPay Max that helps businesses to pay for legal services in installments. 

LegalPay Max is a payment solutions for the legal industry and was said to be 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," said the company.

“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,” observed Kundan Shahi, founder of LegalPay.

With LegalPay Max, businesses can avail of 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 six 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, LegalPay revealed.

Legal professionals will still receive 100 per cent of their payment upfront while businesses utilizing this option will have the buy now, pay later option, 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 start-ups that 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 Shahi.

While LegalPay has reportedly partnered up with several non banking financial companies (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 aims to build a technology platform where businesses can sign up and avail the credit line for their legal expenses.