1. Please introduce yourself to our readers.
I am working with LegalPay where my primary responsibility is to educate the lawyers, law firms and all other stakeholders in the legal sector about the Pay Later feature of LegalPay. Giving my background, I started pursuing law in the year 2014 and have been actively involved with startups since then. I have taken active interest in the legal tech ecosystem in India and worked with a lot of big names in this sector. In the year 2017, I joined advok8 which also brought litigation funding to India.
2. Please tell us about your startup.
LegalPay is a credit based digital payment platform which can used as it is in multiple sectors, however given our team’s expertise in legal sector we are focussing on the legal sector initially. We act as a payment bridge between the lawyers and their clients enabling lawyers to always get paid on time. During our market research, we found out that every 1 out 4 clients does not give timely payment to their lawyer. The reason for this is that legal expense is never planned and always comes up expectantly. If a client pays using LegalPay, LegalPay transfers the fee to the lawyer meanwhile the client pays LegalPay back in EMIs at 0% interest. This ensures that the lawyers always get paid on time while the clients’ recovery becomes LegalPay’s responsibility.
3. How did the for your startup came about?
LegalPay is born out of the insights that we got from running advok8. Advok8 is a third party litigation funding platform where we assist in private investors buying stake in cases, the investors make a return if the case is won and get nothing if the case is lost. Litigation funding is only done in high ticket cases. What we ended up realising in the entire process was that a lot of times, clients did not even have money to pay for consultation sessions of lawyers. Litigation funding is only done in cases which have a pecuniary value attached, but we also got a lot of requests from cases which do not have a pecuniary value attached. Drawing on all these insights, LegalPay was born.
4. Why people should use LegalPay?
LegalPay should be used both by lawyers and clients. LegalPay should be used by lawyers to get timely payments and should be used by clients to pay their lawyer fee in easy EMIs at 0% interest.
5. How LegalPay works?
LegalPay has both a website and mobile app. Both lawyers and clients have to complete their KYC process on the system. Once a client signs up, he/she is given a credit limit which is processed using a proprietary rating system. The clients can use this credit limit to start paying to their lawyers. Once a lawyer signs up on the platform, he/she can instantly start receiving payments from their clients.
6. Who are eligible to get the service from LegalPay?
Conventionally credit is only available to people who have a CIBIL score of 750+, however there is a very small population of India which has that high CIBIL score. LegalPay aims to make access to law and justice easy for the masses and this platform is open for people of all CIBIL score as we be believe that everyone deserves credit provided they manage it well.
7. What are the documents required?
The documents required to register on the platform are Adhar Card, PAN Card.
8. Do you have any mobile application for your startup?
Yes, we have a mobile application for LegalPay.
9. Do I have to pay any instant money to get this service?
No one has to pay any money to join LegalPay.
