00:00Max this is a few months after you just raised your previous series. I mean what are you going to
00:04be doing this using this money for. We are investing in the United States. We landed in New York a
00:10year ago. This was the first week in 2025 New York legal week when Legora launched in the United States.
00:16Now we're open in New York. We're open in Denver Chicago Houston. We're investing in the product and the infrastructure
00:22in customer support teams to support the astronomic demand that we're seeing from the U.S.
00:29And that is what the VCs are responding to here. The fact that you are signing more and more legal
00:34professionals to come and join your platform. But yesterday we just had Harvey AI on. And word has it that
00:41they're a competitive force out there. How are you seeing your space in the world? How are you unique versus
00:47a Harvey for example.
00:48So I think legal tech has for a long time been sort of stuck in the pre-digital era with
00:54LLMs. We're seeing a wave of companies come and automate tasks build new systems. And it's a it's a renaissance
01:02for the industry. So there's lots of companies going very quickly. There's a lot of greenfield opportunity. We started in
01:08Stockholm Sweden just three years ago.
01:10And now we've landed here. We're expanding with big law firms with big enterprises. I think the reality is that
01:16this market has only done zero to one. Now we are on the journey of one to 10 and 10
01:22to 100. There's so much left to build. And that's our opportunity and our challenge.
01:28Max, what's interesting about what you just outlined is different jurisdictions, right? You're talking about American law, Nordic law, European
01:36law. Take us inside building Legora and the necessary data sets to be able to service the legal profession in
01:46those different markets where laws and filings are completely different.
01:50So in order to build systems and agents that perform real work, there's really two different types of data that
01:56you need to work with. As you said, it's the local jurisdictional data, the case law, the legislation, and then
02:02it's the firms and enterprises own data.
02:04And it's the combination of the two within a platform like Legora that becomes incredibly valuable because I think these
02:10systems used to kind of feel like co-pilots.
02:13You were working together with them on small tasks, but now you're actually able to offload entire end-to-end,
02:19I mean, agentic workflows, and the systems are performing end-to-end work for you.
02:24So when we started out in Stockholm Sweden, I mean, that market is smaller than one of the big law
02:29firms here in New York.
02:30So we really practiced that muscle, and now that we're here, I'm an engineer, we really lead with a product.
02:37Max, I suffered through law school, and I'm the son of two lawyers, and I brought that up yesterday, so
02:43I'll be consistent.
02:44And I know from that context that lawyers bill by the minute, sometimes scanning barcodes for five minutes of work,
02:5215 minutes of work.
02:53How do you charge and structure your revenues for the platform?
02:58So we charge on a seat basis today.
03:01I think that is the easiest way for some of these customers to buy.
03:04But as we move towards this world where Legora is performing more end-to-end work, I think both consumption
03:11and outcome-based pricing models will make a lot of sense for our clients and also, in turn, their clients,
03:17right?
03:17The way that law firms are charging for tasks that AI can perform together with them will have to move
03:24from a billable hour model to more of a fixed-fee or outcome-based system.
03:28Can you just set the scene here, because you're building upon, in many ways, the innovations of Anthropic, but Anthropic
03:36is also doing its own claw plug-in for law.
03:39How does this competitive environment unfold for the future businesses you want to sign on?
03:46How do they decide between you, Anthropic, Harvey, what they already have as point solutions?
03:51Yeah.
03:51So, I mean, Legora wouldn't exist without the LLMs.
03:54We were founded in late spring of 2023 off the back of the release of GPT 3.5.
03:59That was the first time the models became good enough to build any real software.
04:03In the beginning, there were so many issues around the models.
04:06You had to reduce the hallucinations, you had to guardrail them, we had to build a lot of systems around
04:10them.
04:11Today, we are very focused on bringing the capabilities of those models into an enterprise legal setting.
04:18So, when we work with a law firm like White & Case or Cleary-Gottley, they are deploying Legora, and
04:25they're turning over billions of dollars using our system.
04:28And the interesting thing for us is, every quarter, the ground shakes a little bit.
04:35The new models are capable of doing new things, which needs to be reflected in our product roadmap.
04:42We cannot plan for a year ahead, because three months and six months, the capabilities might have changed, so our
04:48product has to change.
04:49Max, we just have 20 seconds, but I think what Caroline's question is, what is your moat?
04:54Do you have a moat?
04:55I think we have a real moat, of course.
04:56I mean, the way that we're deployed within these enterprises, connected to their data, the way that we've set up
05:02the permissions, the way that we work with delivering work.
05:05For instance, Deba Voice just launched their client portal on Legora, where they are connecting their work to their external
05:11clients.
05:12So, there's a real network effect within our product, too.
Comments