- Joined
- Mar 25, 2014
- Messages
- 992
Rep Bank
$3,374
$3,374
User Power: 261%
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
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
