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How a former junior lawyer created a $5bn AI legal start-up
Winston Weinberg’s company is making lawyers ‘a lot more productive’, but critics say it offers little more than ChatGPT
TLDR: Former lawyer created a ChatGPT AI wrapper focused on the legal field to help automate the mundane. Now has a $5 billion valuation.
Article says they have around 500 clients and costs come out to a few hundred dollars per person per month.
Focus is on enterprise security in addition to the ChatGPT wrapper, so it's fair to say that their focus is on midsize firms (10-50 lawyers) up to large firms (let's say ~2000 lawyers). Let's just take a guess and say the average customer pays for 50 seats and a more precise cost is $300 per person. 50 x 500 x 300 = $7,500,000 revenue. Which seems absurdly low for a $5 billion valuation, so obviously my elementary attempt at reverse engineering the math is a bit off here. Bit of ChatGPT research puts their ARR at over $100m. https://app.dealroom.co/companies/harvey_1
It's still absurd.
The opportunity = expertise in a field, or simply insider knowledge of a field (working any job), and providing a well-marketed AI wrapper to solve a specific problem.
Website - harvey.ai
In all reality, what they've built is surely a bit more than a wrapper - but the point stands.
Lawyer on Reddit chimes in and says its actually $1200 per seat per year with a minimum 100 seat requirement (damn)... View: https://old.reddit.com/r/legaltech/comments/1nc9exp/has_anyone_used_harvey_or_legora_at_their_firms/nd8lz8k/?share_id=oWX4VFvFq1amJMwM37QWL&context=3
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