"In the fast-emerging market for AI legal tools, a two-horse race is taking shape. Harvey, the OpenAI-backed startup that has become the industry's breakout success, is now facing an ambitious challenger: Stockholm-based Legora, which is pitching law firms a new way to protect and monetize their intellectual property. Harvey has sprinted to $100 million in annual recurring revenue and an $8 billion valuation, turning the AI-for-law market into a serious money sport."
"Legora's pitch is that software helps law firms provide a better client experience and actually grow revenue. Its latest product, Portal, will enable firms to package their expertise behind a firm-branded workspace that clients can pay to use. Legora says Portal will centralize all legal work, replace email chains, and keep data out of AI training by default."
Legora builds a paid, firm-branded shared workspace that allows law firms to collaborate with clients and monetize documents and templates. Portal centralizes legal work, replaces email chains, and defaults to keeping client data out of AI training. The company raised $150 million and is valued at $1.8 billion amid rapid adoption of AI tools across law firms. Competitor Harvey has reached $100 million ARR and an $8 billion valuation, intensifying competition. Generative AI enables corporate legal teams to handle more work in-house, increasing pressure on law firms. Enterprise adoption of Portal depends on robust conflict-checking, security, and integration for legal teams to trust the platform.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]