Mighty raises $114M and launches Mighty Capital - read more on Business Insider
Previous Core System
Homegrown Database System
Baric Enterprises, located in Boca Raton, Florida, has been in the legal funding industry for over ten years and has a team of thirteen employees who process and track fundings. For the first five years or so, Baric, like many new funders, used a mix of disparate desktop software to run their business - spreadsheets, Word documents, and email.
This system of ad hoc tools sufficed until 2013 when Baric reached about 50 fundings per month. At this time, the firm had also brought aboard outside sales reps who required web-based software so they could add leads to the database and generate reports.
After surveying the technology landscape, Eric Savage, Baric’s President, felt that no off-the-shelf CRM could solve their business’s unique challenges. As a result, he decided to hire a software developer to build and maintain their own proprietary web-based solution, named Omni.
After about two years of developing Omni, the challenges of building software became excessively demanding and began causing major problems for the business.
Eric and Myriam Leiva, Head of Operations, outlined three key challenges that Baric faced:
When Eric discovered Mighty, he was first attracted to the idea of using a modern system built for the entire industry, allowing him to focus on his business instead of recreating the wheel. Nevertheless, Eric and his team couldn’t afford another unsuccessful software engagement, so he needed to do his due diligence.
After several exploratory phone calls with the Mighty team to learn about Mighty’s core benefits, feature set, and implementation process, Eric felt confident that he’d found the solution he was seeking. As a final step, Joshua Schwadron, Mighty’s CEO, traveled to Baric’s office to meet with Eric, Myriam, and the team, hear about their previous challenges, share Mighty’s mission and experience, and create a mutual success plan.
Eric felt he had found a long-term technology partner he could trust to grow Baric Enterprises with.
Baric currently has Mighty’s team of technologists working day and night on enterprise-strength legal funding software. They now have user-friendly software to manage the entire funding process, in addition to the reliability and security that they need—all at a fraction of the cost of building and maintaining their previous system.
Out of the hundreds of features in the Mighty software, some of the functionality that they are finding most valuable are:
This just scratches the surface of the benefits Mighty has to offer legal and medical funders.
Baric had more than three years and 1,500 fundings worth of data stored on Omni that needed to be migrated to Mighty. Their team of thirteen also needed to quickly learn how to use every aspect of Mighty in order to work cohesively and efficiently.
"Prompt, efficient service with great people."
Mighty’s implementation team delivered:
Eric and Myriam were thrilled that the transition went “very smoothly” for their entire team, exemplifying what it means to have legal funding technology experts in your corner.
For Eric, one of the biggest impacts has been that the company now runs on secure, reliable, and affordable software, built by seasoned software experts. He no longer spends time and mindshare designing tools, managing a software developer, and maintaining Omni.
"The fact that you have a team of educated technologists makes all the difference."
On the front lines of the business, Myriam and her team use Mighty to manage their end-to-end operation, from intake to collections. They find Mighty’s user-friendly interface to be one of the greatest advantages. Myriam has found that Mighty’s automation and workflow tools help her team “generate payoffs and contracts quickly and keep us up-to-date.” Myriam also particularly likes the case tracking functionality: “It helps us track our cases easily, which helps us protect our interests.”
These upgrades not only make their jobs easier, but the time savings and ease-of-use directly translate into dollars saved and dollars made.