Legora, the Swedish startup chasing Harvey’s lead in selling AI software to law firms, has hit $100 million in annual recurring revenue, a milestone that shows law firms are willing to spend serious money to retool how lawyers work.
Legora told Business Insider exclusively that it went from $1 million to $100 million in ARR — the revenue a company expects to collect over a year — in less than 18 months after its public launch.
The company’s software promises to help lawyers tear through data rooms, compare contracts, draft briefs, and do other legal work faster and at lower cost than junior lawyers.
“This is a reflection of how quickly our customers are pushing the industry forward,” Max Junestrand, Legora’s cofounder and CEO, said in a statement.
Legora’s revenue could help explain why investors just priced it at $5.55 billion in a new financing, but it still leaves legal AI rival Harvey out in front. That company, which was last valued at $11 billion, said last week it had crossed $200 million in ARR, and it remains deeply embedded among the biggest law firms.
Legora says it now serves over 1,000 customers, including Cleary Gottlieb, HSF Kramer, White & Case, and Linklaters.
Have a tip? Contact this reporter via email at mrussell@businessinsider.com or Signal at @MeliaRussell.01. Use a personal email address and a non-work device; here’s our guide to sharing information securely.
Read the full article here
