Legora has just reached $100 million in revenue, a milestone achieved in 18 months.

      Eighteen months ago, Legora was a startup in Stockholm with a small number of law-firm clients and about $1 million in annual recurring revenue (ARR). On Tuesday, the company informed Business Insider that it has surpassed $100 million in ARR, a milestone that usually takes nearly a decade to achieve in enterprise software. Max Junestrand, Legora’s 26-year-old cofounder and CEO, highlighted that this achievement is more indicative of customer demand than sales strategies. “This mirrors how rapidly our clients are advancing the industry,” he stated. “They’re changing how legal work is carried out, and AI is becoming essential to the profession.”

      If independently validated, this claim would rank Legora among the fastest-growing software companies in European history and solidify its position as a significant competitor to Harvey, the San Francisco-based legal AI firm that currently leads the market. Harvey, valued at $11 billion after raising $200 million in late March, reported it has surpassed $200 million in ARR and serves over 100,000 lawyers across 1,300 organizations. According to Legora, its customer base has expanded to more than 1,000 firms and legal teams, up from approximately 800 during its Series D funding in early March.

      This revenue figure clarifies a valuation that previously seemed hard to justify based solely on numbers. Legora secured $550 million in a Series D funding round led by Accel on March 10, which valued the company at $5.55 billion. At the time, its publicly stated ARR was around $23 million, resulting in an eye-watering valuation multiple of 240 times revenue. However, if the company is closer to $100 million, the multiple decreases to about 55 times, which, while still high, falls within the range that investors accept for rapidly growing vertical AI firms. Notable backers in this round included Benchmark, Bessemer Venture Partners, General Catalyst, ICONIQ, Redpoint Ventures, Menlo Ventures, Salesforce Ventures, Bain Capital, and Y Combinator, which supported Legora in its Winter 2024 batch. Total funding has now reached $816 million.

      Junestrand’s background exemplifies the case for Europe to invest more significantly in young entrepreneurs. He was just 23 when he co-founded Legora with Sigge Labor, the company’s CTO, and August Erséus. Previously, he competed in professional gaming, studied machine learning and business at KTH and the Stockholm School of Economics concurrently, and worked at McKinsey. None of the three founders had legal experience. They encountered the early version of Labor’s software that could automate basic legal tasks during the pandemic; however, the capabilities of large language models at that time were limited. As the models advanced, Legora was launched.

      The product now encompasses all aspects of legal work typically managed by junior associates: analyzing data rooms during due diligence, comparing contract clauses, drafting briefs, and conducting multi-document reviews. In November 2025, the company introduced Portal, a platform aimed at enabling law firms to monetize their expertise and provide it to in-house legal teams through custom AI workflows and intelligent document sharing. Design partners for Portal include Linklaters, Cleary Gottlieb, Goodwin, Deloitte, and Bird & Bird, with general availability expected in the first quarter of 2026. Shortly after finalizing the Series D on March 12, Legora acquired Walter AI, a Canadian startup developing agentic legal workflows, integrating its nine-member team into Stockholm and setting up a Toronto office under Walter’s former chief customer officer.

      Legora’s growth trajectory has been influenced by a legal industry that has seemingly moved beyond questioning the role of AI in legal practice. A survey by Thomson Reuters published in January noted that law firm spending on technology and knowledge management tools rose by 9.7% and 10.5%, respectively, in 2025, marking the fastest measurable growth in the sector’s history. Additional research indicates that 55% of lawyers are already utilizing AI in some capacity. The global legal AI market, estimated to be worth between $2.7 billion and $5.6 billion depending on how one defines “legal AI,” is anticipated to grow at compound annual rates of 17% to 22% through the end of the decade.

      The competitive landscape is narrowing. Harvey and Legora have established themselves as the two leading platforms for major law firms, with most other competitors either having been acquired, merged, or relegated to niche applications. Harvey’s strength lies in its deep integration: its tools are embedded in the daily operations of many of the world’s largest firms, including those in the Am Law 100 and Magic Circle. Legora’s strengths are its wide reach and rapid growth. The company expanded from 250 firms in May 2025 to over 1,000 in under a year, increasing its workforce from 40 to more than 400 while opening offices in London