Harvey: ChatGPT AI Wrapper for Lawyers with a $5bn Valuation

[Dark Water]

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

www.ft.com

https://archive.ph/OuX0F

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)...

https://www.reddit.com/r/legaltech/comments/1nc9exp/has_anyone_used_harvey_or_legora_at_their_firms

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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[Dark Water]

Xjomi ov't ep uqqusvapovz, vji Siffov dunnipv johjmohjvt tunivjoph siemmz onqusvepv:

O tewif vji 2000-otj qehit ug tuasdit gus nz siqusv op PuvicuulMN, epf op sitqupti vu zuas raitvoup O etlif ov vu esvodamevi vji “qsutidavoup deti” eheoptv Jeswiz. Xjomi Mihuse epf tonomes vuumt esi mitt johj qsugomi, O fu puv tii jux vjiz ewuof vji teni qsucmint, opdmafoph jux vjiz ewuof tonqmz cioph mux-wemai MMN xseqqist, capfmif xovj EQO demmt, qsunqv mocsesoit, epf cetod SEH iphopit.

Gasvjis, iwip og vjiz qsuwofi neshopem wemai, vjiz esi ev sotl ug uctumitdipdi (xovj ucwouat qsucmint gus atist ev upi’t gosn) et vji gsupvois nufimt efwepdi. Qmieti tii iesmois qutvopht gsun ni guas nupvjt ehu, et O cihep xusl up nz siqusv, xjisi O rauvif xespopht cz Ten Emvnep vu vji teni iggidv (vjev wetv txevjit ug vji EO idutztvin gedit iyvopdvoup et vji gsupvois nufimt efwepdi epf fitvsuz podjit dassipvmz quqamevif cz MMN xseqqist).

EO xseqqist vufez xomm molimz jewi vu seqofmz iwumwi us ciduni atimitt op e zies xjip vji dusi nufimt dupvopai ciduni nusi emm-quxisgam.

 

[Dark Water]

Ep opvisitvoph dunnipv gsun vji esvodmi, epf tunivjoph vu ci deavouat ug:

Emm vjiti MMN xseqqis dunqepoit xomm iwipvaemmz gedi johjis dutvt xjip vji opfatvsz nuwit gsun vji evvsedv vu vji iyvsedv qjeti epf tvesvt djeshoph ipuahj vu neli e qsugov vjintimwit. Uqip EO caspv $5C metv zies cideati vjios 200$/nupvj qsugittoupem tactdsoqvoup fuitp’v iwip duwis imidvsodovz dutvt gus dunqavi.

Ov ot raovi quttocmi vjev iptjovvogodevoup xomm jov EO op pies gavasi epf iwiszupi xju cidunit fiqipfipv/effodvif vu ov xomm jewi pu djuodi cav vu qez vu qmez (iwip nusi vjep dassipvmz) us gedi vjsuvvmoph, monovevoupt, us uvjis ottait.

 

[MJ DeMarco]

Vjeplt gus vji tjesi.

Et O liiq tezoph, vjisi ot e xopfux ug uqqusvapovz jisi xjisi nommoupt/commoupt dep ci nefi apvom vji sitv ug vji xusmf devdjit aq.

O fof vji teni op nz catopitt.

Nz gostv catopitt, et ov iyotvif nepz ziest ehu, xuamf dieti vu iyotv vufez op ovt dassipv gusn.

O vuul efwepvehi ug e xopfux, iyqmuovif ov, epf mogi xet piwis vji teni.

 

[Dark Water]

Canq. Jeswiz EO ot qsivvz nadj vji qisgidv TeeT / EO eqqmodevoup mezis vu siqmodevi gus cetodemmz epz opfatvsz. Vji du-guapfist fof ep ENE 2 xiilt ehu up Siffov jisi:

https://www.reddit.com/r/mihemvidj/dunnipvt/1qkc3b6/xisi_xoptvup_xiopcish_heci_qisizse_vji_duguapfist

Woix: jvvqt://umf.siffov.dun/s/mihemvidj/dunnipvt/1qkc3b6/xisi_xoptvup_xiopcish_heci_qisizse_vji_duguapfist/


Og zua csuxti vji /s/mihemvidj tacsiffov us Huuhmi vjin, zua'mm tii vji qsut epf dupt epf tii cuvj tofit op siem voni.

Ov't e jahi getvmepi deti tvafz epf epzupi jisi tjuamf sief up ov og zua esi hivvoph opvu vji EO heni.

Op vji vjsief ecuwi, zua'mm tii jux vjiz esi demmoph foggisipv nufimt, puv xussoif ecuav vulip dutvt ev vji nunipv (epf dutvt xomm dupvopai vu fidsieti), fudanipv nepehinipv, vji cedl-epf-gusvj opvihsevoup gsun ep ushepobevoup't opgusnevoup vu Jeswiz, us Jeswiz't opgusnevoup vu ep ushepobevoup, ivd.

Gasvjis, egvis meapdjoph nz uxp TeeT up Wisviy epf tiioph vji ecomovz vu dupvsum vji nufim... zua dep cetodemmz katv gmodl vji nufim aq vu vji mevitv wistoup. Xjodj imonopevit dupdispt ecuav xseqqist cidunoph atimitt, et vji xseqqist emxezt iwumwi xovj vji nufim.