Kundan Shah, CEO at Legalpay, writes on invitation and exclusively for our special series BRIEF24.
Learnings and achievements from 2023; Inspiration for 2024
Some of the most important trends observed in the Litigation Funding market:
Technology Integration: We have seen that the role of technology is essential for Litigation Funders. The rise of Artificial Intelligence and Machine Learning can provide a boost in the underwriting process of the cases which is an integral part of Litigation Funding. It is crucial to understand the importance of technology as it will streamline and enhance the processes for Litigation funders.
Market Expansion: The growing awareness of Litigation Funding has led to an expansion of the total market for Litigation Funding. Businesses and individuals recognize the concept of Litigation funding and how it can be a game-changing tool for converting their litigations into valuable assets.
One of the most important points of concern for Litigation Funders is that Litigation funding is subject to different legal frameworks and regulations in different jurisdictions, which may create challenges for cross-border disputes and enforcement of awards.
Success stories from 2023: A standout achievement for us was the mammoth jump in our clientele. We witnessed a 4x growth in the number of clients we used to handle. This growth highlights not only our dedication and hard work in creating the market for litigation funding in India but also the growing demand for litigation financing in the Indian market for businesses and individuals looking for alternative financing solutions to fund their disputes. This confirms our belief that India has a great potential for Litigation funding.
Learnings and realizations from 2023: Looking back at the journey of creating LegalPay, I have realized the importance of patience and perseverance you need in building a new business and observing how the market reacts to a new service in the industry. Building something new from scratch teaches you some valuable lessons and moulds your perspective in a way that you start looking at things objectively with greater depth and a long-term horizon.
2023 highlights and takeaways: One of the biggest takeaways was observing the growing demand for financial support to fund the litigations meaning the market was accepting the Litigation funding model in India.
The past year has taught me that the Indian market potential is still untapped and there is a demand for customizing our funding solutions and exploring alternative sources of funding models that can cater to the demands of claimants and litigants in assisting them in settling their disputes amicably and focus on their core operations.
Looking at 2024: The key trends to watch out for in 2024 with regards to LegalPay would be expansion into the global markets, exploring alternative sources of financing to help businesses and individuals settle their legal disputes efficiently, and a broader scope of cases that require Litigation financing solutions.
I feel the rise of AI and ML would be a key trend for professionals in the corporate sector, they would have to align themselves and be well-versed in the use of such technology otherwise they will fall behind.
Some advice: When LegalPay started in 2019, litigation financing wasn’t a practice in India. Our major challenge was to spread awareness in the market that litigation could be an asset for businesses and individuals. We have now established this awareness in the market so anyone entering this market would have this problem solved for them.
Instead of advice, we can offer some of our valuable insights for the industry.
Our key learnings include thorough research before commenting, vigilant competitor observation, continuous learning and innovation, and a commitment to simplicity. Our journey has been about authenticity and a genuine desire to make litigation support accessible and beneficial for all.
My Mantra for 2024: Embrace change, ignite growth, and create impact
My personal favorites from 2023
Campaign I liked in 2023: The War of Fair Prices.
Loved Piyush Bansal in the ad. A great example of how to use influencer marketing to create a buzz around your brand.” This influencer campaign shows that influencer marketing can be a powerful tool for brands that want to reach a large audience.
A book I liked in 2023: The Kill Chain, insights on the importance of agility, innovation, and adaptability in strategic thinking are particularly valuable takeaways, emphasizing the importance of adapting strategies to the changing environment.
A show/movie that I liked in 2023: Scam 2003.
My 2023 hobby-career connection: Reading- and it helps with Improved Knowledge Base, Critical Thinking and Problem-Solving, Leadership and Empathy
