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Jay Madheswaran

Co-Founder & CEO at Eve

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About Jay Madheswaran

Jay Madheswaran is the co-founder and CEO of Eve, a legal AI platform for plaintiff law firms: the contingency-fee firms that handle personal injury, employment and consumer cases. Eve handles work across a case, from answering and qualifying intake calls to preparing demand letters and settlement briefs. Its Auditor product reviews every page of every case overnight for missed information, and its outbound voice agents call insurers and healthcare providers to request records.

Before Eve, Madheswaran was a partner at Lightspeed Venture Partners. He co-founded the company with former Rubrik colleagues Matt Noe and David Zeng. Eve came out of stealth in 2023 with a $14 million seed round and raised a $103 million Series B at a $1 billion valuation in September 2025.

Career Highlights

  • Co-founder and CEO of Eve, legal AI for plaintiff law firms
  • Previously a partner at Lightspeed Venture Partners
  • Led Eve to a $1 billion valuation with a $103 million Series B in 2025

Notable Positions

On Labor as the Bottleneck

Madheswaran argues plaintiff firms are limited by labor, not demand. Lawyers turn down cases that won't earn at least $5,000 in fees, and 96% of labor and employment cases get rejected. When an agent does the intake and research, more cases become worth taking, so AI expands revenue instead of cutting costs.

On Data That Models Can't Scrape

Fewer than 1% of plaintiff cases become public opinions, so knowledge about how specific insurers settle exists nowhere online. Eve doesn't train on privileged client data, but it employs its own attorneys and tracks case success rates across the platform.

On Outcome-Based Pricing

Eve started with tiered, seat-style pricing and switched to outcome-based pricing about a year and a half before the interview. He expects law firms to look more like software companies, specializing in narrow case types and building their own data sets.

On Long-Horizon Agents

He estimates a single case involves around 10,000 back-and-forths. Eve had not yet run a case fully end to end at recording but said it was close, and that its growth is limited by engineers rather than demand.

Key Quotes

  • "One firm in LA went from managing about 100 clients per attorney to 500." (on customer results)
  • "If you drop Albert Einstein into a law firm today, he will not be productive for quite some time." (on why raw model intelligence isn't enough)
  • "Today, if a lawyer doesn't make at least 5,000 fees off a case, they do not take it on." (on plaintiff law economics)

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