"Virtually every legal tech player almost daily touts enhancement and upgrades designed to give them an edge. From Clio, whose user conference takes place this week, to NetDocuments, whose users conference takes place next week, to legal research vendors like LexisNexis and Thomson Reuters, all are trying to gain market share. Add to this the fact that almost all of these vendors' models run or are built on OpenAI or similar models and you have the makings of a potentially interesting competitive upheaval."
"It was this very upheaval that the founders of Harvey, the new 100-pound gorilla in the field, noted in a recent interview published in Business Insider (subscription required). Winston Weinberg and Gabe Pereyra built Harvey seemingly by magic and almost overnight into a big player, lapping the competition as I discussed recently. They launched a stealth player by evaluating the field and needs of law firms, and by understanding law firm needs and motivations."
Competition for law firm customers in legal-specific AI is intense, with many legal tech vendors continuously advertising enhancements and upgrades to gain market share. Major vendors and research providers are pushing features; most vendor models run on or are built atop OpenAI or similar models. Harvey launched in 2022 as a domain-specific AI provider for law firms, grew to a $5 billion valuation within three years, and acquired over 50 Am Law 100 clients. Harvey uses firms' internal data and partnered with LexisNexis for integrated research. Harvey's founders express concern because the product is built on OpenAI infrastructure, which also finances Harvey.
Read at Above the Law
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