"Legal tech startup Harvey this year has bagged $760 million in funding and soared to a valuation of $8 billion. Now it needs to prove that it can actually boost profits for the law firms that pay for its services. Harvey, which on Thursday announced the close of a $160 million funding round, says its products free lawyers from drudge work so they can spend more time on strategy and client counseling. But at this point, Harvey's ROI shows up in feelings more than spreadsheets."
"AI adoption has skyrocketed across the corporate world. Still, few companies are deriving measurable value from it. According to a Boston Consulting Group survey this year of more than 1,250 global firms, only 5% of companies were seeing real returns on AI. Investors have thrown $3.2 billion at startups in the legal field this year, according to a Business Insider analysis."
"Harvey alone has scarfed up nearly one in four of those dollars. Harvey builds software for analyzing and drafting documents using legally-tuned large language models. The startup has proven that lawyers want what it's selling. Over half of the hundred highest-grossing law firms in the United States have Harvey licenses. And the startup is quietly making inroads with some of the world's largest enterprises, including Walmart and Comcast."
Harvey raised $760 million this year and reached an $8 billion valuation. The company offers legally-tuned large language models to analyze and draft documents, aiming to reduce routine work so lawyers can focus on strategy and client counseling. Over half of the hundred highest-grossing U.S. law firms hold Harvey licenses, and some large enterprises, including Walmart and Comcast, are using its products. Investors poured $3.2 billion into legal tech this year, with Harvey taking a sizable share. Measurable AI returns remain uncommon, and law firms demand ROI that appears on financial reports and client bills rather than only improved user experience.
Read at Business Insider
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