Unicorns in Legal Tech
The opportunity for AI, LLMs and ML to transform the practice of law is HUGE. Who are the current players with big valuations that give them a great opportunity to win? And who is best positioned and aggressive enough to drive disruption?
Docusign - is the industry giant of legal tech. They’ve built a $2.5 billion revenue company on making signing documents easier online. DOCU is a public company and is valued at $10.4B as of today. They see more documents in a year than anyone else by a huge margin and this is exactly the data they need to build models that learn. They are currently accepting reservations to learn more about how they’ll deploy AI for contracts. Which leads one to believe they could blow their advantage by being too cautious.
Legalzoom - is also public and is extremely well positioned to succeed with small and medium businesses. Their market cap is $2.9B. SMB and individuals are likely to be earlier adopters of the lower cost options for legal, so it will be fascinating to see how LZ can capitalize.
Icertis - is a private unicorn. Valued at $2.8B in CB Insights latest unicorn listing. This US/Indian concern is in the Contract Lifecycle Management space and works with large, in-house legal teams to manage contracts. Will these companies be the leaders using AI to disrupt the legal profession?
Everlaw - is an eDiscovery and legal holds management tool for large litigation. Private and valued at $2B. Funded by Andreesen Horowitz and Menlo Ventures among others to the happy tune of $300M dollars.
Clio - this Canadian unicorn is valued at $1.6B and is focused on practice management for law firms. Could this be the ideal space and perspective to use AI most effectively in the legal field?
Harvey.ai - is sort of in stealth mode. Going to be very interesting to see what they reveal.
Relativity - is another eDiscovery platform
Checkr - is the dominant background checking company for new employees. They acquired their largest rival, Goodhire in 2022 and are currently valued at over $4.6B. They don’t really seem like a legal tech company in my humble opinion, but some others list them as a player in the space and they are currently using AI to help their core product.
Who have we missed in the Legal Tech space? We’d really like to get this list to the 10 most significant players in legal tech. Help me and send me your picks at d@nimblegravity.com.
