Harvey AI
Doing to BigLaw what Salesforce did to enterprise sales. Annualized revenue surged past $350M (up from $190M in January 2026, ~80% growth in ~7 months) as the company is reportedly in talks (Aug 7, The Information; Lightspeed leading) to raise $500M at a $15.5B valuation - a 40% jump from the $11B March 2026 round in just five months. 100K+ lawyers across 1,300+ organizations, a majority of the AmLaw 100. Total funding approaching $1.3B pending the new round. Note: the $500M raise is reported as 'in talks,' not yet closed.
Key Investors
Scenarios
Legal AI has structural advantage — adversarial requirements demand verified, cited outputs. If Harvey becomes standard for doc review, commands Westlaw-level pricing with higher switching costs. AmLaw 100 majority penetration is beyond early-adopter phase.
Anthropic launched direct legal plugin (February 2026). Thomson Reuters, LexisNexis integrating AI with established relationships. $11B at $190M ARR is 58x multiple requiring sustained dominance.
Key Factors to Watch
- ●$200M Series E at $11B valuation (March 25 2026) — 37.5% valuation jump in under 4 months
- ●ARR $190M (Jan 2026) up from $100M (Aug 2025) — 90% growth in 5 months
- ●100K+ lawyers across 1,300+ organizations with majority of AmLaw 100 — market penetration beyond early adopter phase
- ●35% productivity gains — reviews cut from 7-10 days to hours
- ●Anthropic legal plugin (Feb 2026) plus Thomson Reuters/LexisNexis competition is the primary valuation risk
Score History
| Date | Score | Direction | Note |
|---|---|---|---|
| 2026-08-22 | 8.1 | Very Positive | Score 7.9->8.1 (moat_durability 8->9). ARR nearly doubled to $350M (from $190M in Jan) in ~7 months while in talks (Aug 7, The Information) to raise $500M at $15.5B - 40% up from $11B in 5 months - validating sustained dominance vs Legora, Thomson Reuters, LexisNexis and Anthropic's legal plugin. Note: the raise is reported in talks, not closed. |
| 2026-05-16 | 7.9 | Positive | W20 light refresh — score holds 7.9. $200M raise at $11B valuation (March 2026), 100K+ lawyers across 1,300 organizations, 25K+ custom agents in production. GIC + Sequoia lead. |
| 2026-04-10 | 7.9 | Positive | Score 7.5→7.9 (sb 6→7, md 7→8). $200M Series E at $11B valuation (March 25 2026), ARR $100M→$190M in 5 months, AmLaw 100 majority penetration. Stays positive. |
| 2026-03-08 | 7.5 | Positive | Score 7.3→7.5 (formula reweight: sb 0.25→0.15, are 0.20→0.25, md 0.20→0.25, dr 0.20→0.25, aam 0.15→0.10) |
| 2026-03-08 | 7.3 | Positive | Score 7.5→7.3 (dr 3→4). External research cross-ref: growing competition from Thomson Reuters Westlaw AI, LexisNexis CoCounsel, Legora ($1.8B) |
| 2026-03-08 | 7.5 | Positive | Initial assessment from batch 8 research |
Legal Peers
Last researched: 2026-08-22
This is research and analysis, not financial advice. Scores reflect AI impact potential, not investment recommendations.