Tuesday, August 7, 2018

This Startup Can Turn Litigation Into A Source Of Revenue

Building a future where anyone irrespective of their economic background will have access to timely justice says, Kundan Shahi, Founder and CEO of advok8.in

Compared to different common law jurisdictions, India has comparatively fewer hurdles in its way to Litigation finance. Judicial precedent since 1876 has held that the common law doctrines of champerty and maintenance are not applicable to India in stricto sensu. Therefore, litigation funding has not been held, per se, ineligible and hence, enforceable in most cases. This progressive outlook, therefore, provides fertile ground for the event of third-party funding in India.

Advok8.in help litigants raise funds for their lawsuit, proving them capital when they need it the most.

Advok8.in is single-handedly dominating the litigation funding market in India. The company came into existence in 2016 and offers a host of services from litigation funding, case tracking, and digital appointment. Advok8.in sees a significant number of daily visits from its mobile app with 10000+ lawyers reading legal articles and the latest legal news on its Legisl8 platform. The mobile app also enables lawyers to see the latest developments in their case anywhere they wish to. Apart from it, a bulk of litigation funding requests also comes from the mobile app.

Advok8.in has received more than 350 requests for litigation funding till date.

These cases were submitted by lawyers, law firms, individual litigants and business houses. After a careful evaluation, Advok8.in has finalized 4 cases for funding and 2 cases out of 4 have been successfully funded. The cases that were shortlisted are commercial disputes in nature like, Breach of Contract, Trademark infringement, Medical Negligence and Patent infringement.

The process includes inviting individual investors to invest in verified legal claim, with moderate investment cycle which typically matures within 2-4 years, shorter than any other asset class. The average funding size of a case is approx. 5 lakhs. The value of the claims varies from 1 crore to 4 crores. Advok8.in has opened a different asset class for investment in India. The return on this investment is in an average of 150% to 200%. These Legal claims are uncorrelated to broader capital markets and macroeconomic factors.

As in-house counsel people are constantly trying to find ways to turn the cost center into a revenue center. By making use of advok8.in third-party funding, what was once a costly burden, now can transform into a functioning profit center.

Advok8 carefully vets every case listed on its portal through their expert case selection team, thereby mitigating any risk. The success ratio of cases on Advok8.in portal is very high. Thus, an investor just has to invest in a legal claim and track the progress of the case through Proprietary of advok8.in in case tracking system. Once the case is finalized Investors get the return from the recovery amount as decided in their contract. The entire process is very simple and transparent and advok8.in takes all endeavors to ensure the interest of the case investors are protected throughout the process. 

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