❯ Legal AI firm Harvey in talks to raise over $500 million, valuation climbs to $15.5 billion

VALUATION JUMPAccording to The Information, legal AI company Harvey is in talks to raise at least $500 million at a $15.5 billion valuation, up roughly 40% from $11 billion five months ago, with Lightspeed looking to lead the round.

REVENUE OUTPACESRevenue is moving even faster than the valuation: annualized revenue has already surpassed $350 million, up more than 80% from $190 million in January. The four-year-old company counts law firms and corporate legal departments as its core clients, and its product focus has shifted from retrieval-based Q&A to agents that can execute tasks.

WHO GETS SQUEEZEDLegal is likely the first vertical AI category to prove itself out with revenue. The legacy software vendors that serve law firms now face a different question: no longer whether to integrate models, but how much of the billable-hours workload is still left to sell.

▪ SIGNALValuation up 40%, revenue up 80% in five months — this time, it’s revenue pulling the valuation.