Management of litigation risk by Indian MSMEs

Hemant Kushwaha (), Sanjay Kumar Mishra () and Manoj Kumar ()
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Hemant Kushwaha: Shri Mata Vaishno Devi University
Sanjay Kumar Mishra: Shri Mata Vaishno Devi University
Manoj Kumar: Indian Institute of Management

Journal of Financial Services Marketing, 2023, vol. 28, issue 2, No 8, 336 pages

Abstract: Abstract MSMEs plays a pivotal role in the economic development of a country. A timely and affordable access to legal advice for these enterprises enable them to: (a) mitigate their litigation risk; and (b) preserve their precious time and financial resources for growth of their business operations. This study investigated the varied interrelated aspects of the management of litigation risks faced by the Indian MSMEs. Overall, MSMEs consider dealing with lawyer(s) a complex, costly and significant time-consuming process. Contrary to common perception, more than 50% of survey respondents were aware of the legal technology firms and had availed the services of these firms. Further, both (a) the respondents’ perceived time spent in managing of litigations; and (b) the respondents’ significance of their legal expense, were found to have significant positive association with the respondents’ willingness to opt for business legal expense insurance (BLEI) products. The implications of the findings for the MSMEs, insurance companies, regulators and the legal firms are also discussed.

Keywords: Risk Management; Litigation Risk; MSMEs; Business legal expense insurance (BLEI); India (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1057/s41264-022-00153-0

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