Harvey, Legora have different views on how AI will upend the legal word
AI startups Harvey and Legora both aim to transform the legal field, but differ on their approach and face competition from established players and potential disruption to traditional law firm billing.Summary
Two AI startups, Harvey and Legora, are competing to revolutionize the corporate legal landscape, though they hold contrasting visions for achieving this. While Harvey boasts a higher valuation and a larger client base among top US law firms, Legora is rapidly growing, recently acquiring Walter with its $550 million funding. The competition extends beyond these two companies, as established legal giants like Thomson Reuters and RELX possess significant proprietary data. However, a more significant challenge may arise from the impact of AI on the traditional billable-hour model of large law firms and the development of junior lawyers. Concerns exist that increased efficiency could reduce revenue and limit learning opportunities, as highlighted by Skadden partner David Goldschmidt, who questions whether smarter machines equate to better lawyers. Ultimately, the biggest fight for both Harvey and Legora may not be against each other, but against disrupting the established legal industry and navigating the complex implications of their own success.
(Source：Business Insider)