In the legal field obsessed with precedents, AI is sparking a new one. Lawyers are incorporating legal AI “copilots” and related tools into their workflows, driven by a booming landscape of AI legal startups.
2024 marked a record-breaking year for legal-tech startups, which raised $4.98 billion overall, largely propelled by the booming interest in AI. And it hasn’t slowed down one bit. This past June, one company that’s leading the funding pack, Harvey, raised another $300 million at a $5 billion valuation after securing $300 million at $3 billion just three months prior. In recent weeks, Harvey also struck a major partnership with LexisNexis to integrate the prominent legal database’s core research tools into its platform. Days later, law practice management company Clio acquired AI and legal research company vLex for $1 billion in what LawNext referred to as “a landmark deal that will undoubtedly reshape the legal tech landscape.” The AI-ification of the legal industry may not be fully realized, but it’s certainly underway.
