agentic legal unicorns - august 2025
on this page
point-in-time summary of harvey and legora as of august 2025. compiled from primary and secondary sources by google gemini and claude. many other relevant links available in bookmarks.
Valuations have moved (August 2026). This is a dated snapshot and the figures below are several rounds stale. As of August 2026:
- Harvey: raised $200M at an $11B valuation in March 2026, and was reported in August 2026 to be raising roughly $500M at about $15.5B. Reported ARR grew from about $190M in January to $350M+ by August 2026.
- Legora: raised $550M at a $5.55B valuation in March 2026 (led by Accel), extended to about $5.6B in April, and was reported in August 2026 to be seeking roughly $10B.
Both companies have repriced two to three times since this page was written. Treat it as a point-in-time record, not a current comparison. A third, unfinished draft of this analysis (
agentic-legal-unicorns-harvey-legora-2025-11-04) remains in the content tree markeddraft: true; it is not published and has not been updated.
comparison
| metric | harvey | legora |
|---|---|---|
| founded | 2022 | 2023 |
| total funding | $806m | $116m |
| valuation | $5b (jun 2025) | $675m (may 2025) |
| arr at last val | $75m | $5-10m |
| arr multiple at last val | 50-67x | 68-135x |
| clients | 337 | 250+ |
| current revenue | ~$100m | rumored ~$40-$50m |
| revenue per client | $223-297k | $20-40k |
| employees¹ | 642 | 130 |
| revenue per employee | $117-156k | $50-350k |
| linkedin followers¹ | 62,000 | 26,000 |
| job openings¹ | 72 | 37 |
| currently hiring in ¹ | nyc, sf, syd, lon | sthlm, nyc, syd, den |
¹ linkedin data retrieved august 6, 2025. employees = “associated linkedin members”
key metrics
valuation multiples: both companies at 50-135x arr vs. typical saas at 5-10x, anthropic ~20x, openai ~30x
revenue per client:
- harvey: $223k average (apr 2025: $75m arr / 337 clients), $120k minimum reported
- legora: $20-40k range (may 2025: $5-10m arr / 250+ clients)
growth: harvey raised $600m in 4 months (feb-jun 2025). legora went from yc to $675m in 1 year.
harvey
founded 2022 in san francisco by winston weinberg (ex-o’melveny & myers) and gabriel pereyra (ex-deepmind, google brain, meta). they were roommates when pereyra showed weinberg gpt-3.
funding history
| date | round | amount | valuation | lead investors | source |
|---|---|---|---|---|---|
| nov 2022 | seed | $5m | - | openai startup fund | businesswire dead link |
| apr 2023 | series a | $21m | $150m | sequoia | businesswire dead link |
| dec 2023 | series b | $80m | $715m | kleiner perkins, elad gil | harvey |
| jul 2024 | series c | $100m | $1.5b | google ventures | businesswire |
| feb 2025 | series d | $300m | $3b | sequoia | bloomberg |
| jun 2025 | series e | $300m | $5b | kleiner perkins, coatue | harvey |
revenue milestones
| date | metric | value | source |
|---|---|---|---|
| dec 2023 | revenue growth | 10x in 2023 | harvey |
| end 2024 | arr growth | 4x in 2024 | harvey year in review |
| end 2024 | clients | 235 in 42 countries | harvey year in review |
| end 2024 | am law 100 penetration | 28% | harvey year in review |
| feb 2025 | arr | >$50m | businesswire |
| apr 2025 | arr | $75m | techcrunch |
| apr 2025 | clients | 337 | techcrunch |
| aug 2025 | arr | $100m | cnbc |
| mid 2025 | am law 100 penetration | 42% | pitchbook analysis |
valuation-to-arr multiple at last raise: 67x ($5b / $75m).
products
- assistant: conversational ai for document analysis and drafting (harvey)
- vault: bulk document storage and analysis (harvey)
- knowledge: legal research tool (harvey)
- workflows: agentic task orchestration launched june 2025 (harvey)
initially built on openai models. now uses multiple models from openai, anthropic, and google (harvey blog).
partnerships
microsoft (dec 2024): integration with sharepoint, onedrive, microsoft 365 copilot, teams, word. runs on azure. (harvey blog)
lexisnexis (jun 2025): integrating lexisnexis protégé service and shepard’s citations. co-developing motion workflows. (harvey blog)
pwc (sep 2024): custom tax ai model. 91% preference rate among tax experts. covers 10+ jurisdictions. (harvey blog)
pricing
per mlq.ai: starts at $1,200 per seat annually with 100-seat minimum ($120k base). custom models can exceed $5 million. median seat count doubles within 12 months.
clients
early adopter: allen & overy (now a&o shearman) (harvey newsroom)
current clients include: pwc, kkr, orrick, lowenstein sandler, macfarlanes, charles russell speechlys, comcast, verizon (harvey newsroom)
legora
founded 2023 in stockholm as “leya”. rebranded to legora february 2025. ceo max junestrand. developed inside mannheimer swartling for 9 months before commercial launch. (business wire)
funding history
| date | round | amount | valuation | lead investors | source |
|---|---|---|---|---|---|
| apr 2024 | pre-seed | $0.5m | - | y combinator | yc profile |
| may 2024 | seed | $10.5m | - | benchmark | legora blog |
| jul 2024 | series a | $25m | - | redpoint ventures | bloomberg law |
| may 2025 | series b | $80m | $675m | iconiq, general catalyst | tech.eu |
growth timeline
| date | event | details | source |
|---|---|---|---|
| may 2023 | founding | built with mannheimer swartling | business wire |
| jan 2024 | yc | winter 2024 batch | yc profile |
| feb 2025 | rebrand | leya → legora, 200+ firms | business wire |
| mar 2025 | us launch | nyc office, goodwin partnership | legora blog |
| may 2025 | series b | $80m at $675m valuation | tech.eu |
| jun 2025 | workflows | launched agentic workflows | legora blog |
arr estimated at $5-10m as of may 2025 based on client count and typical contract values.
products
- tabular review: spreadsheet-like document analysis (legora)
- assistant: conversational document q&a (legora)
- word add-in: microsoft word integration (legora)
- research: searches imanage, sharepoint, external databases (legora)
- workflows: agentic task automation launched june 2025 (legora)
built on microsoft azure. uses azure openai (gpt-4o) and anthropic claude. claude scored 18% better on their legal benchmarks.
partnerships
- cleary gottlieb (may 2025): firm-wide rollout after pilot (business wire)
- dentons (jun 2025): europe-wide deployment (dentons)
- goodwin (mar 2025): us market entry partnership (legora blog)
other clients: bird & bird, taylor wessing, pérez-llorca, mannheimer swartling (legora blog)
market data
| metric | harvey | legora |
|---|---|---|
| founded | 2022 | 2023 |
| total funding | $806m | $116m |
| valuation | $5b (jun 2025) | $675m (may 2025) |
| arr | $75-100m | $5-10m |
| arr multiple | 50-67x | 68-135x |
| clients | 337 | 250+ |
valuation multiples context
both companies trade at 50-135x arr. for comparison:
- anthropic: ~20.5x
- openai: ~30x
- public saas companies: typically 5-10x
legal services market size: >$1 trillion globally (pitchbook)
convergence on agentic workflows
both companies launched “agentic workflows” in june 2025:
- harvey: workflow builder announcement
- legora: workflows launch
these features enable ai to plan and execute multi-step legal tasks rather than just respond to queries.
sources
-
primary: harvey newsroom, legora blog
-
secondary: bloomberg, techcrunch, cnbc, business wire, tech.eu, dealroom, pitchbook, sacra