agentic legal unicorns — november 2025
on this page
at a glance
harvey: $1.0b raised → $8.0b valuation | $100m arr → 80x multiple | $125k revenue per employee
legora: $266m raised → $1.8b valuation | est. $20–40m arr → 45–90x multiple | $116–231k revenue per employee
context: harvey trades at 2.7x openai’s multiple (~30x); legora at 1.5–3x openai if baseline estimate holds. both significantly above public saas (5–10x) and anthropic (~20x).
executive summary
-
harvey
- total raised: ~$1.002b (includes €50m eqt growth; $150m a16z)
- implied valuation: $8.0b (oct 29–30, 2025)
- arr: $100m (aug 2025; no later primary disclosure)
- clients: 500+ in 54 countries (aug 2025)
- revenue per client: $200k average ($100m arr / 500 clients)
- revenue per employee (linkedin 798): ~$125k
- forward multiple: ~80x (8.0b / 100m)
- trend since aug 2025: valuation +60%; customers +48%; followers +17k; employees +156; openings +30
-
legora
- total raised: ~$266m (includes $150m series c on oct 30, 2025)
- implied valuation: $1.8b (oct 30, 2025; led by bessemer)
- arr (baseline estimate): $20–40m (400+ clients × $50–100k; range: $8–50m across scenarios)
- clients: 400+ in 40+ markets (oct 2025)
- revenue per client: $50–100k (baseline estimate)
- revenue per employee: $116–231k (linkedin 173; baseline scenario)
- forward multiple: ~45–90x (baseline); range 36–225x across all scenarios
- trend since aug 2025: valuation +167%; clients +60%; followers +17k; employees +43; openings −3
sources: see footnotes and links in sections below. calculation details in november 2025 stats json.
comparison (as of 2025-11-04)
| metric | harvey | legora |
|---|---|---|
| founded | 2022 | 2023 |
| total funding | ≈$1.002b | $266m |
| latest valuation | $8.0b (2025-10-29/30) | $1.8b (2025-10-30) |
| arr (estimated) | $100m (2025-08) | $20–40m (baseline) |
| forward multiple | ~80x | ~45–90x (baseline) |
| clients | 500+ in 54 countries | 400+ in 40+ markets |
| revenue per client | ~$200k | $50–100k (baseline) |
| am law 100 penetration | 42% (mid-2025) | - |
| employees¹ | 798 | 173 (LI) / 200 (reported) |
| revenue per employee | ~$125k | $116–231k (baseline) |
| linkedin followers¹ | 79,000 | 43,000 |
| job openings¹ | 102 | 34 |
| hiring geos¹ | remote, nyc, sfo, london | ny, stockholm (+india/uk/malmö) |
¹ linkedin data retrieved nov 4, 2025 (“associated members”).
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 |
|---|---|---|---|---|---|
| 2022-11 | seed | $5m | - | openai startup fund | businesswire |
| 2023-04 | series a | $21m | $150m | sequoia | businesswire |
| 2023-12 | series b | $80m | $715m | kleiner perkins, elad gil | harvey newsroom |
| 2024-07 | series c | $100m | $1.5b | google ventures | businesswire |
| 2025-02 | series d | $300m | $3b | sequoia | bloomberg |
| 2025-06 | series e | $300m | $5.0b | kleiner perkins, coatue | harvey blog |
| 2025-10-06 | growth/late-stage | €50m | - | eqt growth | techstartups |
| 2025-10-29 | growth/late-stage | $150m | $8.0b | andreessen horowitz (a16z) | bloomberg; techfundingnews |
total funding: ≈$1.002b (includes €50m ≈ $53.5m at 1.07 eur/usd)
revenue milestones
| date | metric | value | source |
|---|---|---|---|
| 2023-12 | revenue growth | 10x in 2023 | harvey newsroom |
| 2024 (end) | arr growth | 4x in 2024 | harvey year in review |
| 2024 (end) | clients | 235 in 42 countries | harvey year in review |
| 2024 (end) | am law 100 penetration | 28% | harvey year in review |
| 2025-02 | arr | >$50m | businesswire |
| 2025-04 | arr | $75m | techcrunch |
| 2025-04 | clients | 337 | techcrunch |
| 2025-08 | arr | $100m | cnbc |
| 2025-08 | clients | 500+ in 54 countries | cnbc; artificiallawyer |
| 2025-08 | wau growth | 4x in past year | artificiallawyer |
| mid-2025 | am law 100 penetration | 42% | pitchbook analysis |
revenue per client: ~$200k average ($100m arr / 500 clients) vs. $223–297k (2025-04: $75m / 337 clients)
forward multiple at latest valuation (oct 2025): ~80x ($8.0b / $100m arr)
products
- assistant: conversational ai for document analysis and drafting
- vault: bulk document storage and analysis
- knowledge: legal research tool
- workflows: agentic task orchestration launched june 2025
initially built on openai models. now uses multiple models from openai, anthropic, and google.
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.
partnerships
- lexisnexis (jun 2025): integrating lexisnexis protégé service and shepard’s citations. co-developing motion workflows.
- microsoft (dec 2024): integration with sharepoint, onedrive, microsoft 365 copilot, teams, word. runs on azure.
- pwc (sep 2024): custom tax ai model. 91% preference rate among tax experts. covers 10+ jurisdictions.
- netdocuments (aug 2025): ndconnect partner
- ironclad (aug 2025): partnership announced
clients
early adopter: allen & overy (now a&o shearman)
current clients include: pwc, kkr, orrick, lowenstein sandler, macfarlanes, charles russell speechlys, comcast, verizon, plus 42% of am law 100
expansion
- toronto (canada) - aug 2025
- sydney (apac) - sep 2025
- law student programs with stanford, ucla, nyu - aug 2025
hiring & linkedin (retrieved 2025-11-04)
- employees (associated members): 798; followers: 79,000; openings: 102; geos: remote, nyc, sfo, london.
- distribution (selected): 519 (us), 252 (california), 238 (sf bay), 163 (nyc metro), 160 (san francisco).
- representative roles (linkedin): pm, eng, security, go-to-market, cs; comp ranges: ~$72k–$390k.
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.
funding history
| date | round | amount | valuation | lead investors | source |
|---|---|---|---|---|---|
| 2024-04 | pre-seed | $0.5m | - | y combinator | yc profile |
| 2024-05 | seed | $10.5m | - | benchmark | legora blog |
| 2024-07 | series a | $25m | - | redpoint ventures | bloomberg law |
| 2025-05 | series b | $80m | $675m | iconiq, general catalyst | tech.eu |
| 2025-10-30 | series c | $150m | $1.8b | bessemer venture partners | legora blog; businesswire |
total funding: ~$266m
growth timeline
| date | event | details | source |
|---|---|---|---|
| 2023-05 | founding | built with mannheimer swartling | businesswire |
| 2024-01 | yc | winter 2024 batch | yc profile |
| 2025-02 | rebrand | leya → legora, 200+ firms | businesswire |
| 2025-03 | us launch | nyc office, goodwin partnership | legora blog |
| 2025-05 | series b | $80m at $675m valuation, 250+ clients | tech.eu |
| 2025-06 | workflows | launched agentic workflows | legora blog |
| 2025-10-30 | series c | $150m at $1.8b, 400+ clients in 40+ markets | businesswire; legal it insider |
revenue and traction
- clients: 400+ in 40+ markets (oct 2025), up from 250+ (may 2025)
- team: nearly 200 legal experts and technologists
- active users: tens of thousands of legal professionals daily
arr estimate and narrative:
legora’s actual arr is not publicly disclosed, creating significant valuation uncertainty. three scenarios emerge:
-
baseline estimate (most likely): $20–40m arr
- based on 400+ clients × $50–100k average revenue per client
- reflects pricing evolution from early smb/mid-market ($20–40k) toward enterprise as they scale
- supports recent major firm wins (linklaters 30 offices, dentons europe-wide)
- implied multiple: 45–90x
- revenue per employee: $116–231k (linkedin 173)
-
conservative floor: $8–16m arr
- assumes no pricing power gains; still at may 2025 $20–40k per client
- inconsistent with rapid firm-wide rollouts at major firms
- implied multiple: 113–225x
- revenue per employee: $46–92k
-
rumored ceiling: $40–50m arr
- market rumors from august 2025; would require $100–125k per client
- approaching harvey’s enterprise pricing without comparable am law 100 penetration
- implied multiple: 36–45x
- revenue per employee: $231–289k
most probable scenario: legora is likely tracking between $20–40m arr as of october 2025, implying a 45–90x forward multiple. this represents premium pricing versus public saas (5–10x) but more rational than early-stage estimates suggested, especially given major enterprise deployments.
products
- tabular review: spreadsheet-like document analysis
- assistant: conversational document q&a
- word add-in: microsoft word integration
- research: searches imanage, sharepoint, external databases
- workflows: agentic task automation launched june 2025
built on microsoft azure. uses azure openai (gpt-4o) and anthropic claude. claude scored 18% better on their legal benchmarks.
partnerships
- linklaters (sep 2025): firmwide rollout across 30 offices
- deloitte legal (sep 2025): strategic relationship (uk)
- cleary gottlieb (may 2025): firm-wide rollout after pilot
- dentons (jun 2025): europe-wide deployment
- goodwin (mar 2025): us market entry partnership
- netdocuments (aug 2025): ndconnect partner
clients
notable clients: linklaters, cleary gottlieb, goodwin, dentons, minterellison, bird & bird, taylor wessing, pérez-llorca, mannheimer swartling, addleshaw goddard, browne jacobson
expansion
- offices in stockholm, london, new york, denver, sydney
- expanding to india (bengaluru hiring)
- team aims to more than double in size in next year
hiring & linkedin (retrieved 2025-11-04)
- employees (associated members): 173; team reported: ~200; followers: 43,000; openings: 34.
- distribution (selected): 110 (sweden), 100 (greater stockholm), 98 (stockholm county), 97 (stockholm), 33 (united states).
- sample roles: legal engineering (ny), ai evals & strategy pm (stockholm), gtm director (emea), partnerships manager, india/uk expansions.
market analysis
valuation multiples context
both companies trade at elevated multiples compared to public markets and ai incumbents:
- harvey: 80x arr ($8b / $100m) — 2.7x openai’s multiple, 4x anthropic’s multiple
- legora: 45–90x arr ($1.8b / $20–40m baseline) — 1.5–3x openai’s multiple, 2.2–4.4x anthropic’s multiple
scenario sensitivity for legora:
- baseline ($20–40m arr): 45–90x — premium but defensible given growth trajectory
- conservative floor ($8–16m arr): 113–225x — implies extreme hyper-growth expectations
- rumored ceiling ($40–50m arr): 36–45x — approaching harvey’s mature enterprise pricing
benchmark context:
- anthropic: ~20.5x arr
- openai: ~30x arr
- public saas companies: typically 5–10x arr
- snowflake (at ipo): ~130x arr
- datadog (high-growth period): ~40–50x arr
key insight: at the baseline estimate ($20–40m arr), legora’s 45–90x multiple reflects typical late-stage hypergrowth saas pricing—elevated but not unprecedented. this assumes continued strong growth from major enterprise wins (linklaters, dentons, deloitte legal) and successful pricing evolution toward mid-market/enterprise segments.
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.
market opportunity
- global legal services market: >$1 trillion (pitchbook)
- harvey’s am law 100 penetration: 42% (representing significant market capture in top tier)
- both companies expanding into adjacent professional services (tax, accounting)
competitive dynamics
harvey advantages:
- 3-year head start (founded 2022)
- 2.5–5x larger arr ($100m vs $20–40m estimated)
- 25% larger customer base (500+ vs 400+)
- 2–4x higher revenue per client ($200k vs $50–100k)
- strong us market dominance (42% am law 100 penetration)
- backed by openai startup fund, established partnerships (microsoft, lexisnexis, pwc)
legora advantages:
- faster growth trajectory (yc to $1.8b in <2 years vs harvey’s 3 years to $5b)
- pricing positioned for broader mid-market/enterprise adoption
- strong european foothold with major firm wins (linklaters 30 offices, dentons europe-wide)
- comparable revenue per employee ($116–231k vs harvey’s $125k) despite smaller scale
- more capital efficient ($266m raised vs harvey’s $1b to reach current scale)
market positioning: harvey focuses on top-tier am law and global elite firms at premium pricing. legora pursues broader international mid-market and enterprise with lower entry points, scaling up as firms expand usage. both converging toward similar product feature sets (agentic workflows) but serving different segments of legal market.
methodology and sources
calculations: derive from november 2025 stats json at support/legal-tech/agentic-legal-unicorns-harvey-legora-2025-11-04.stats.json under computedSummary.
primary sources:
- harvey: harvey newsroom, harvey blog
- legora: legora blog, legora newsroom
secondary sources: bloomberg, techcrunch, cnbc, businesswire, tech.eu, artificiallawyer, legal it insider, dealroom, pitchbook, sacra, mlq.ai
related: see also gemini deep research report (august 2025) and bookmarks: legal tech valuations