"I don't think a single player is going to capture all of the pretty enormous amount of value that will be created in the next 10 years in this space,"
"There are around 10 million global legal professionals, and Harvey serves just single-digit percentage points of them,"
"The global legal market is worth an estimated $1 trillion, but only about $30 billion of that is spent on technology today,"
"The share of monthly users who return daily is up 81% since the company launched in 2023, and lawyers using multiple features show engagement patterns "similar to Slack or email,""
Harvey raised $160 million in a round led by a16z, bringing the startup's valuation to $8 billion. The company currently serves only single-digit percentage points of roughly 10 million global legal professionals. The global legal market is estimated at $1 trillion, with about $30 billion presently spent on technology. Technology penetration in the legal sector is expected to grow substantially over time, creating large potential upside. Multiple legal AI startups can capture portions of that growth. Harvey's metrics show daily-returning monthly users up 81% since 2023 and multi-feature user engagement similar to Slack or email. The company must continually earn its valuation.
Read at Business Insider
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