Harvey has reportedly held early talks with Latham & Watkins about going public.

The legal AI startup was recently valued at US$15.5bn. But it isn’t listing any time soon. Harvey is expected to wait and see how the next wave of tech IPOs, led by Anthropic, performs before deciding whether to go ahead.

Harvey said in September it had crossed US$400m in ARR. It now counts 80% of the top 100 US law firms as clients. Latham is one of them, having rolled out Harvey firmwide last year.

It’s also been building a listing-ready C-suite, hiring Steve Zad, who helped steer Rubrik through its 2024 IPO, as its first chief revenue officer.

Legora is also eyeing a float. Sources told Artificial Lawyer the Swedish upstart has been sounding out Wall Street on valuations, timelines and backers. It raised US$550m at a US$8.8bn valuation last month.

A Legora spokesperson told Artificial Lawyer:

“We don’t comment on speculation. Max [Junestrand, CEO] has always said he’d like to take Legora public one day, but it’s too soon to say when. Right now we’re focused on our customers and growing the business.”

But the timing is tricky. Legal AI could be heading into choppy waters, with AI bubble fears growing and model AI companies moving into legal.

Those fears are already biting. The Nasdaq 100 plunged 6.4% last Thursday, wiping a record US$2.3tn off market values in a single day, amid concerns that a Democrat-controlled Congress will bring tighter scrutiny of AI and data centres.

Anthropic is feeling it too. Prospective IPO buyers are now discussing a valuation of US$1.2tn to US$1.3tn, with some as low as US$1.1tn. In early October, some investors estimated a valuation as high as US$2tn.

Source: Business Insider, Artificial Lawyer