Clio vs. Filevine
Jan-Erik Asplund
TL;DR: After building back-office SaaS for solo practitioners and SMBs, Clio is crossing into front-office legal AI through its $1B acquisition of vLex—giving it the legal research corpus to bundle what Harvey and Legora have to sell separately. Sacra estimates Clio hit $500M in ARR in April 2026, up from $433M at the end of 2025 (+84% YoY). For more, check out our full report and dataset on Clio.
We last covered Clio in July 2025 as it crossed $300M in annual recurring revenue (ARR), up from $235M in 2024 (+35% YoY), on the heels of its $1B acquisition of legal research platform vLex.
Key points from our 2026 update via Sacra AI:
- Accelerating growth dramatically in 2025 to 84% You from 35% YoY in 2024 with its enterprise push and its expansion into legal research AI, Sacra estimates that Clio hit $500M in annual recurring revenue (ARR) in April 2026, up from ~$433M in December 2025.
- Clio’s front office, legal research AI product Clio Work incorporates the legal research corpus acquired through its $1B purchase of vLex (the 3rd largest legal database), providing in a bundle what Harvey & Legora have to do via tool call and a separate subscription to WestLaw (owned by Thomas Reuters, NASDAQ: TRI) & LexisNexis (owned by RELX, NYSE: RELX).
- Compare Clio at a $5B valuation and 12.5x multiple on $400M ARR in its $500M Series G in November 2025 to Harvey at a $11B valuation and ~33x multiple, Legora at a $5.6B valuation and 56x multiple on $100M ARR in April 2026, Filevine at a $3B valuation and 16x multiple on ~$187M ARR in September 2025, and Spellbook at a $350M valuation.
- With its acquisition of ShareDo (rebranded as Clio Operate) and its biglaw-grade legal research corpus, Clio has been able to expand its TAM from its solo practitioner & SMB roots (400K customers), with the go-to-market diversity to cross sell to existing customers, sell into the front office as a wedge vs just the back and go up market into enterprise scale firms.
- While the venture community fixates on Harvey vs. Legora in legal AI (~$2B raised total between the two) which purely serve front office lawyers and need to drive engagement after selling top-down into enterprise accounts, Clio (and Filevine with a focus on litigation firms) are embedded as SaaS on back office workflows and as payments fintech on client billables, and use AI to expand its engagement surface area and ACV (now $1.2K).
For more, check out this other research from our platform:
- Clio (dataset)
- Shubham Datta, VP of Corporate Development at Clio, on Clio's $1B acquisition of vLex
- Clio at $300M/year
- Scott Stevenson, CEO of Spellbook, on building Cursor for contracts
- Glean for law
- Healthcare company associate GC on where legal AI products break down
- Legal tech VP of cloud operations on evaluating legal AI tools
- Director of Innovation at large law firm on why firms adopt Harvey over Legora
- Harvey at $195M ARR
- Wade Foster, co-founder & CEO of Zapier, on AI agent orchestration
- Danny Wheller, VP of Business & Strategy at Hebbia, on vertical vs horizontal enterprise AI
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