Harvey Reaches $100m ARR + 42% of AmLaw 100 – Artificial Lawyer

As Harvey reaches its three-year anniversary, the legal genAI pioneer told Artificial Lawyer it had hit several significant milestones: $100m ARR and over 500 customers globally, including 42% of the AmLaw 100 law firms. And that’s quite an achievement in a short space of time.

So, let’s take it number by number. First the Annual Recurring Revenue of $100m. This is a big deal and the number that above all else the investors will be looking at. With such major VC investment, e.g. $600m alone this year, they’re not at all expecting to hit profitability any time soon. But, what they will really care about is a clear indication of growing revenue and $100m ARR is a solid figure from a standing start three years ago.

In fact, there are plenty of legal tech companies with a fraction of that ARR that have been going for almost a decade. That said, those less revenue-generating companies don’t have $100s millions in growth capital, which in turn has been converted into what is now a team of over 350 people with offices in the US, UK, Germany, Australia, and India. And part of that is a very rapidly expanding Go To Market group.

OK, what next? Global spread is key in legal tech to drive up revenue. It’s a big world out there and you can’t just rely on the US and UK if you want to build a really major player – even if those two are the largest legal markets on the planet, with America by far the biggest.

Harvey said: ‘[We have] more than 500 customers in 54 countries. Our Weekly Active Users (WAU) grew 4x in the past year and 6x the year prior.

‘Monthly queries grew 5.5x in the past year. And active files stored in Harvey grew 36x in the past year from 268K to 9.75M.’

Again, these are the kind of stats that investors will want to see – so too the management team of any legal tech startup.

Now, market share. AL has been writing more about market share recently – and with good reason, given that there are only a limited number of major commercial law firms. That said, there are literally millions of lawyers globally beyond those few hundred firms. Although, having 42% of the AmLaw 100, i.e. the 42 largest US-based law firms by revenue as customers, is an important feather in their cap.

As explored before, law firms will likely not buy multiple genAI productivity platforms, even if they will of course keep their contracts with the big legal data providers and plenty of specialised point solutions. So, that 42 firms number is not just a sign of revenue growth, or just of market share, it’s – at least for now – a blocker on other platforms of a similar type getting those firms onto their client roster.

The company added that: ‘It’s nice to take a moment to reflect on the Harvey journey to date. But the truth is, we’ve never been more bullish on the future of Harvey, and that’s what is most energizing to us.’

They also highlighted:

– The arrival of Siva Gurumurthy as CTO in May, which they noted is in fact their first person with this particular title and who will ‘add leadership direction and investment in enterprise quality engineering’. He previously worked at Motive, Twitter, Yahoo and IBM.

– They added that their engineering team’s ‘commitment to enterprise quality, shipping velocity, and reliability is remarkable. From our recent Words to Workflow launch to our Deep Research integration, existing and future customers alike have a lot to look forward to as our product evolves’.

– Increased access to data – with now more data sources within Harvey in 8 new markets (not to mention their recent partnership with LexisNexis). ‘And that’s just the beginning,’ they added. [ AL Note: this one is especially interesting, i.e. it suggests that the Lexis deal is not a plateau in terms of their legal data ambitions, even though that alliance deal in itself will have major ramifications. ]

And there is the hire John Haddock, their new Chief Business Officer, who is ‘building a great team and spending a significant amount of time with prospects and customers, understanding not only what they need from Harvey now but what they need from us down the line’.

All in all, that’s quite a lot! So, where is this all going?

‘We want to be the platform of choice for law firms and Fortune 500 companies alike, and we are grateful to our customers for helping us get here. Job’s Not Finished,’ they concluded.

And they have indeed not finished yet. That is for sure.

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You can find more about Harvey here.

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