Harvey and Legora clash over how AI will reshape corporate law

Harvey and Legora both predict that AI will upend the legal world, but they disagree on who will lead that change. Melia Russell profiled Legora and its 26-year-old founder, Max Junestrand; Legora carries a valuation of more than $5 billion, while Harvey has been reported at $11 billion.

Market positions differ. Harvey counts more than half of the largest US law firms among its customers, while Legora has reached roughly 20% of that group. Legora used a $550 million funding round to make its first acquisition, Canadian legal-tech startup Walter, and Harvey has partnered with The LegalTech Fund to start investing in young legal-tech startups.

Traditional players such as Thomson Reuters and RELX still control vast proprietary data that gives them an edge and keeps them as significant competitors. The startups face another challenge in their own customers: the efficiencies they offer could disrupt clients' business models— in-house teams value speed, but Big Law bills by the hour, and AI may cut into fees.

harvey, legora, legal ai, corporate law, max junestrand, valuation, funding round, walter, thomson reuters, relx