It was a mighty bold move for the legal technology company Mighty. After seven years in business serving personal injury lawyers, the company recently pivoted to launch Mighty Law, a law firm that directly competes against those PI firms by offering lower fees, greater transparency, and tech-driven efficiencies.
For founder and CEO Joshua Schwadron, the move was motivated by what he sees as the misaligned incentives of PI lawyers. Rather than pass along to their clients the savings that they realize from using technology, he believes, the fee and cost structure for PI firms incentivizes them to inflate settlements and drive up costs.
Seeking to provide PI plaintiffs with lower fees and greater transparency, Schwadron, who is also a lawyer, has converted his tech company into a dual-entity structure. The law firm, Mighty Law, will represent the clients, while a separate tech and services company, Mighty, will support the law firm’s operations and also provide services and support to clients to assist them in what Schwadron calls their post-accident journey.
On this week’s LawNext, Schwadron joins host Bob Ambrogi to talk about why he made this pivot and what he believes it means for consumers and the PI industry.
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