Legora, Inc.

For reference, I work at a law firm.

We had an AI legal platform, Legora, come and do a training this week.

And they were kind of detailing the timeline of AI working for seconds, then minutes, like a year later, then like hours, kind of whole workflows, you know, is where the capability is at now.

And that's just where it's at currently.

I'm a prosumer.

They show off and highlight successful partnerships with Accenture, AIG, Oh No, Is This Alphabetical, It Looks Like It Is Alphabetical, Bristol-Myers Squibb, DoorDash, International Rescue Committee, Jane Street, Legora, Lilly, MercadoLibre, Mozilla, PayPal, Rakuten, Salesforce, SAP, Shopify, Travellers, UST, Verizon, Walmart and featuring Shy Bird and KBF.

Different companies offer different stats and use cases.

The gains look large for those who do a lot of coding.

Oh no, is this alphabetical? It looks like it is alphabetical.

Bristol-Myers Squibb, DoorDash, International Rescue Committee, Jane Street, Legora, Lilly, MercadoLibre, Mozilla, PayPal, Rakuten, Salesforce, SAP, Shopify, Travelers, UST, Verizon, Walmart, and featuring Shybird and KBF.

Different companies offer different stats and use cases.

The gains look large for those who do a lot of coding.

In September, Harvey raised $550 million at a valuation of $15.5 billion.

In October, competitor Legora announced another $550 million investment, reaching an $8.8 billion valuation.

These are extraordinary numbers for companies building technology around legal research, contract analysis, document preparation, and increasingly autonomous workflows.

Yet, while investors are betting billions on AI-powered law firms, judges are still confronting fabricated citations, poorly researched arguments, and attorneys submitting work they may not adequately understand.

And today, we're looking at the state of AI legal technology in 2026, from the established research platforms to emerging AI agents, consumer legal services, privacy concerns, and what all this means for lawyers and ordinary people who need legal help.

The competitive landscape is fascinating because we're seeing several different markets converge.

Thomson Reuters has CoCounsel, LexisNexis has Protege, and companies like Harvey and Legora are developing sophisticated systems for major law firms and corporate legal departments.

Spellbook focuses on contract drafting and review, Everlaw specializes in litigation and electronic discovery, and Clio is connecting practice management with more advanced legal intelligence.

And it's not only internal development program, but actually develops products for the favor of the whole built environment sector so practically all the innovations will become publicly also available and that's the mission of the whole foundation to of course keep Durand's competitive going forward but also ensure that the built environment will develop the most optimal way.

So, and that started as an advisor relationship, but then pretty soon I got a question that, okay, now what should we do with the AI for real? And I had met Legora founders or back in the day, Leia, who were doing legal AI and also LavaPool and Courser and saw that, okay, these companies are something different.

Like something is starting to happen.

Like, in a very, very, very fast tempo within software development and within legal as a professional service.

Like, I see a lot of vision and opportunity on, hey, look, we're gonna just handle this, you know, from A to Z for you.

But are you seeing any, like, breakout AI-native services businesses, or is it all really, like, it seems to me, all the fastest-growing vertical AI companies today, all the zero, you know, whatever, zero to 100 million in 18 months that you're seeing with, like, Legora announcing, they're all really just, like, the industry GPT.

Do you agree with that? I

agree that descriptively, but, you know, we focus and I try to focus, but I'd say we as a fund focus on durable, sustainable value creation.

And maybe there's a path of least resistance that leads you to do that.

I'm not as enamored with that strategy typically.

I think Rogo is a special case where I think reading Peter Thiel's zero to one, it's more canonical take with a very defined market and dominate it than it is similar like the Harveys and Legoras.

So I think it is distinct, but I think you can grow really fast.

I'm a prosumer.

They show off and highlight successful partnerships with Accenture, AIG, Oh No, Is This Alphabetical, It Looks Like It Is Alphabetical, Bristol-Myers Squibb, DoorDash, International Rescue Committee, Jane Street, Legora, Lilly, MercadoLibre, Mozilla, PayPal, Rakuten, Salesforce, SAP, Shopify, Travellers, UST, Verizon, Walmart and featuring Shy Bird and KBF.

Different companies offer different stats and use cases.

The gains look large for those who do a lot of coding.

It's not... enterprise uh grade security right so you can get enterprise grade security through substantially all ai vendors now and it's just it's just a matter of doing it so you can have chat gpt with enterprise grade security you can have claude with enterprise grade security and then the host of you know legal specific products harvey legora etc etc all of them offer that um And once you're there, as long as you're complying and your vendor is compliant with the applicable laws and regulations, then I don't think we're in very much of a different world from any other technology that we're using.

You know, I have a lot of people say like, well, is it okay for me to put this into the AI system? And I ask, would you send it in an email? And they're like, well, yeah, I received it in an email.

And I was like, all right, so what's the difference? Microsoft has access to that in the same way that, you know, our friends at Harvey, Legora, OpenAI, or Anthropic will have access to it.

And they're governed by the same contractual obligations, the same laws, etc., etc., So it's really just about getting your ducks in a row with the right vendor relationships and the right terms in your master services agreements to have things like zero data retention and the appropriate information security certifications and systems in place.

But once you have those in place, I think you should have the same degree of comfort using those systems as you do saving a document into your firm's document management system.