Regola, the Swedish startup that is following Harvey’s lead in selling artificial intelligence software to law firms, has reached $100 million in annual recurring revenue, a milestone that shows law firms are willing to spend big on transforming the way lawyers work.
Regola exclusively told Business Insider that ARR (the revenue a company expects to collect in a year) went from $1 million to $100 million in less than 18 months after going public.
The company’s software promises to help lawyers research data rooms, compare contracts, draft briefs and do other legal tasks faster and at lower cost than junior lawyers.
“This reflects how quickly our customers are moving the industry forward,” Legora co-founder and CEO Max Joonstrand said in a statement. “They are redefining the way legal work is done, and AI is becoming the core infrastructure of this specialty.”
Legora’s earnings help explain why investors priced the company at $5.55 billion in new funding, but it still trails legal AI rival Harvey. The company, which was last valued at $11 billion, announced last week that ARR exceeded $200 million, and remains deeply embedded in major law firms.
Legora says it currently serves more than 1,000 customers, including Cleary Gottlieb, HSF Kramer, White & Case and Linklaters.
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