Legal tech startup EvenUp is gaining traction in the market with its AI-powered demand package product, helping personal injury lawyers secure higher and faster settlements for their clients. The platform allows attorneys to upload their client’s medical records, which are then used to generate a demand package with an appropriate settlement offer based on over 250,000 verdicts and settlements. EvenUp’s AI-generated demand letters can save up to 15 hours per case and result in settlements up to 30% higher than usual.
With a $35 million Series C funding round led by Lightspeed Venture Partners, EvenUp is focused on revolutionizing the personal injury legal industry by leveraging AI technology. CEO Rami Karabibar believes that there is a significant need for AI in the legal sector, particularly in handling the 20 million claims that occur annually, ranging from motor vehicle accidents to child abuse and police brutality cases. EvenUp aims to ensure that these claims receive the justice they deserve through their innovative platform.
Personal injury law firms, such as Michael McCready’s tech-forward firm with locations in Chicago and Indianapolis, have seen significant benefits from using EvenUp’s products. McCready praises the time-saving capabilities of EvenUp’s AI in analyzing medical records and incorporating them into demand letters. The platform has not only saved his lawyers time but has also led to higher settlements for their clients.
Despite the promise of generative AI in making legal processes more efficient, Harvard Law School Professor David Wilkins warns that defendants may be less intimidated by demand letters written with AI if they doubt the experience or expertise of the plaintiff’s lawyers. He notes that insurance companies are likely investing in similar technologies, creating an “arms race” in the legal industry. However, EvenUp’s strong founding team and personalized approach to personal injury law sets them apart from competitors.
In a crowded market of AI-powered legal tech startups, EvenUp stands out with its focus on personal injury law and the quality of demand letters generated by its AI tool. The startup is breaking into the market with partnerships like the one with legal operating platform Litify, providing access to EvenUp’s products for thousands of lawyers. The growing adoption of AI in legal workflows has contributed to EvenUp’s success, with the company nearing 1,000 customers using its products.
Venture funding in legal tech startups has been on the rise, indicating a shift in Silicon Valley’s attitude towards investments in the legal sector. LSVP partners Jain and Duesterhoef see potential in new applications of generative AI, such as EvenUp’s AI-powered demand package product. With a strong founding team and a product that addresses a real need in the legal space, EvenUp has quickly gained traction in the market. Investors and legal professionals alike are recognizing the value of AI in improving efficiency and outcomes in the legal industry.
