- Legora is reportedly in talks to raise $10 billion or more, per the FT.
- This would nearly double the $5.6 billion valuation reached in March.
- Legora’s three founders, who do not have legal backgrounds, aim to reach the same valuation as their US competitor, Harvey.
Max Junestrand had no legal experience when he started reaching out to lawyers in 2023 to learn about their daily challenges. Three years later, Legora, which grew out of these conversations, is now reportedly seeking funding at a valuation of $10 billion or more, according to the Financial Times. This would almost double the $5.6 billion valuation it reached after its Series D in March.
The report also said the deal could involve both secondary transactions and new capital.
The Swedish legal tech startup raised $80 million at a $675 million valuation in mid-2025, which grew to $1.8 billion by October 2025. In March 2026, Legora completed a $600 million Series D round at a $5.6 billion valuation. At that point, the company announced plans to open offices in Madrid, Milan, and Paris in the third quarter of 2026 to meet rising demand.
Legora works with more than 1,000 enterprise customers across more than 50 markets, including Cleary Gottlieb, White & Case, Linklaters, Deloitte, Dentons, and Goodwin. The company grew its team from 40 to 400 employees in just one year.
From a side project in Stockholm to talks of a $10 billion valuation
Legora’s three founders, Max Junestrand, Sigge Labor, and August Erséus, had not practiced law before starting the company in Stockholm in 2023, originally called Leya.
Junestrand studied computer science at KTH Royal Institute of Technology and worked at McKinsey and two Y Combinator startups before co-founding Legora. Labor and Erséus have experience in software and machine learning. The three founders started the company after interviewing over 100 legal professionals to find out where AI could help make legal work smoother.
The platform lets several lawyers work together on the same case simultaneously, so they do not have to pass documents back and forth. For example, a law firm can review hundreds of documents for a multi-jurisdictional due diligence, automatically flag risks, and create a structured summary in hours instead of days.
Competing with Harvey for the top spot in legal AI
Legora’s main competitor is Harvey, a legal AI company based in San Francisco that has maintained a higher valuation. Harvey is now in talks to raise funds at a $15.5 billion valuation, up from $11 billion in March, with annualised revenue over $350 million. Other companies are focusing on more specific areas: Norm Ai is working on the billable-hour model, while Lexroom is building solutions for civil-law markets that Harvey and Legora’s common-law platforms do not serve as well.
The global legal AI software market is expected to be valued at $5.21 billion in 2026 and reach $40.94 billion by 2034, growing at a compound annual growth rate of 29.4%. Most of this growth is in tools that speed up current legal workflows, not those that replace the billable hour. Legora and Harvey are both working to fill this gap before others do.
Legal AI has shown it can succeed in the market, with Harvey and Legora together raising over $2 billion. Still, it is uncertain how valuations will change if AI models start doing billable work on their own.
