EvenUp reaches $150 million in contracted recurring revenue

By Grace Kim

EvenUp has reached $150 million in recurring revenue under contract, according to cofounder and CEO Rami Karabibar.

EvenUp says it serves more than 2,000 personal injury firms and supports 20,000 cases each week. The seven-year-old company sells AI software to plaintiff-side law firms. Harvey and Legora are battling for Big Law; EvenUp has built a sizable business in Small Law.

Business Insider reported that some of legal AI's biggest opportunities lie beyond the white-shoe firms now adopting the technology.

How much funding is available?

EvenUp raised $150 million in a Series E round last year, led by existing investor Bessemer Venture Partners. The company's investors appear to be doubling down, Business Insider reported.

Karabibar said the company still has plenty of financial firepower for the fight ahead. "We haven't touched a dollar of that yet," he said. The Series E capital remains untouched.

Why do plaintiff-side firms buy AI differently?

For law firms that bill by the hour, software that makes lawyers more efficient can also eat into revenue, Business Insider reported. Personal injury firms usually work on contingency, taking a cut of what clients win. Moving cases faster can bring those firms payment sooner.

The fee structure gives EvenUp's customers a direct reason to adopt faster case-handling software. Contingency fees make speed more valuable than billable hours.

How did EvenUp expand beyond demand letters?

EvenUp started by automating demand letters, the detailed documents personal injury lawyers send to insurers to make the case for a financial settlement. Business Insider described the offering as valuable but easy for competitors to imitate. For much of its existence, EvenUp remained a one-product company.

Over the past 18 months, EvenUp has expanded into AI software that helps lawyers manage cases from start to finish. Its newest offering goes further, combining AI agents with human case managers to handle much of the work before a lawsuit is filed.

Karabibar said demand letters accounted for more than 90% of revenue in early 2025. Today, they account for less than one-quarter, with revenue spread more evenly across products. The mix shift has transformed EvenUp's business, Business Insider reported.

Demand letters now anchor a diversified revenue mix rather than define it.

How will EvenUp sell more software to existing firms?

Law firms pay a fixed price per case and sign annual contracts committing to a certain volume of cases, EvenUp said. Karabibar said most firms still use only one of the company's products.

EvenUp's plan is to land a customer with one offering, then expand into other parts of the firm's work. To support that push, the company has hired Stevie Case, the former chief revenue officer of Vanta, as president of field operations.

Case will oversee sales, marketing and customer service as EvenUp adds new firms and sells more products to existing ones. She and her team still must convince law firms to choose EvenUp over rivals. Her assignment is straightforward: sell more software to firms that already use EvenUp.

How close are the challengers?

Eve, founded a year after EvenUp, also targets plaintiff-side firms. The startup said it now serves nearly 2,000 customers, up from more than 1,400 in June.

Supio said it more than doubled its customer base in the first half of this year, but declined to disclose the total. Business Insider reported that the figures leave the plaintiff-side market up for grabs.

EvenUp's more than 2,000 firms provide scale, but Eve's nearly 2,000 customers show how close a rival has come. Supio's growth adds another competitor for the same law firms.

Rivals now reach thousands of plaintiff-side firms, leaving EvenUp to defend and expand its base.

The next test is whether EvenUp can sell additional products to the thousands of law firms that still use only one, while Eve and Supio compete for the same plaintiff-side clients.