Harvey, a legal tech startup, has rapidly gained prominence with its innovative software that utilizes legally tuned large language models for document analysis and drafting. In just three years, it has amassed over $500 million in funding, driving its valuation to $3 billion. However, this success has attracted numerous competitors, forcing Harvey to navigate the challenges of maintaining its first-mover advantage in an increasingly crowded market, where traditionally trained software engineers are now entering the fray.
Part of what fueled Harvey's ascent is its go-to-market strategy. Early on, the company bet that winning over the country's most elite law firms would create a ripple effect throughout the legal industry.
While legal tech was once the domain of ex-lawyers building tools for their peers, now it's attracting classically trained software engineers, eager to compete in a space without a staid market leader.
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