Harvey at $150M ARR
Jan-Erik Asplund
TL;DR: While adoption of tools like Harvey in law is shifting from episodic use to daily workflow integration for transactional work, litigation use cases still lag behind. Sacra estimates Harvey hit $150M ARR in November 2025, up ~3.3x from $50M at the end of 2024, valued at $8B as of its $160M Series F for a 53x multiple. For more, check out our full report and dataset on Harvey.
We first covered Harvey in January 2025 at $50M ARR as it was using LLMs to challenge Westlaw and LexisNexis's $5B/year legal tech duopoly. We followed up in June 2025 at $75M ARR as frontier reasoning models commodified legal reasoning and forced Harvey to scrap its fine-tuned legal model in favor of multi-model agentic workflows.
Key points from our December 2025 update via Sacra AI:
- Sacra estimates Harvey hit $150M in annual recurring revenue (ARR) in November 2025, up ~3.3x from $50M at the end of 2024, raising a $160M Series F in December (A16Z) at a $8B valuation for a 53x revenue multiple—compared to legal back office startup Clio at $300M in annual recurring revenue (ARR) in June 2025, up from $235M at the end of 2024, and Thomson Reuters (NYSE: TRI) at $7.37B in TTM revenue, up 1.6% YoY, valued at $59B for a 8x multiple.
- For transactional work, AI adoption is shifting from episodic use to daily workflow integration, particularly in contract drafting & review via its integrations with document management systems like iManage and NetDocuments (announced December 2025), and its Word add-in (competing with Spellbook), with time savings of up to 70% on recurring tasks like redlining, making the benefits tangible to frontline lawyers.
- Litigation use cases remain challenging due to hallucinations, with Harvey's legal research capabilities hinging on the quality of its integration with LexisNexis (announced June 2025) that works via tool calls rather than direct corpus access, meaning Harvey forwards queries to Lexis AI and displays returned answers without the ability to train on the underlying corpus, positioning Harvey as a wrapper around Lexis' own product rather than a native owner of legal research data.
For more, check out this other research from our platform:
- Harvey (dataset)
- Glean for law
- Harvey at $75M 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
- Hebbia (dataset)
- Glean (dataset)
- Writer (dataset)
- Zapier (dataset)
- Airtable (dataset)
- Anthropic (dataset)
- OpenAI (dataset)
- Mike Knoop, co-founder of Zapier, on Zapier's LLM-powered future
- Will Bryk, CEO of Exa, on building search for AI agents
- Retool: the $82M ARR internal app builder
- Anthropic vs. OpenAI
- Zapier: The $7B Netflix of Productivity [2021]
- Former Zapier partner on Zapier's commoditization of SaaS [2021]
- Airtable: The $7.7B Roblox of the Enterprise [2021]
