Is Harvey profitable in 2026?

Harvey has not disclosed profitability. It reported roughly $300M in ARR by May 2026 per Sacra estimates and kept raising capital, including a $200M round at an $11B valuation on March 25, 2026, and fresh strategic investment from Goldman Sachs and JPMorgan on July 28, 2026, suggesting it is still in growth-funded expansion, not confirmed profitable.

Could AI replace Harvey's own business?

Harvey's product is itself a legal AI layer built on foundation models it does not own. On May 12, 2026, Thomson Reuters integrated Claude directly into CoCounsel via MCP, showing the underlying model makers can be plugged straight into incumbent products, a structural risk to Harvey's middleman position.

Who is Harvey's biggest competitor?

Legora is Harvey's closest rival, targeting the same AmLaw 100 client base. Legora raised over $550M in a Series D in March 2026 and hit a $5.6B valuation by April 30, 2026 after an extension backed by Nvidia and Atlassian, intensifying direct competition with Harvey.

Who owns Harvey the legal AI company?

Harvey is privately held under legal entity Counsel AI Corporation, founded in 2022 by CEO Winston Weinberg and President/CTO Gabriel Pereyra. It is VC-backed, most recently valued at $11B after a $200M round co-led by GIC and Sequoia announced March 25, 2026.

Are law firms building their own AI instead of buying Harvey?

Yes. Kirkland & Ellis announced a $500M multi-year in-house AI platform build with Palantir, reported May 28, 2026, explicitly positioned as an alternative to purchasing Harvey. Freshfields has also struck a direct deal with Anthropic, bypassing Harvey's product layer.

How much funding has Harvey raised in total?

Harvey went from a $5M seed in November 2022 led by the OpenAI Startup Fund to a $200M round announced March 25, 2026 at an $11B valuation co-led by GIC and Sequoia, with a $160M Series F at $8B valuation in December 2025 in between.

United States · United States

Harvey

AI assistant that drafts and reviews legal work for law firms and in-house teams.

Protection under test

Assessed 29 July 2026 · Evidence as of 29 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 29 July 2026 · Checkable from Q1 2027 · Every call on the record Checkpoint: Window closes on tracking Thomson Reuters/Claude win rate against Harvey in AmLaw accounts

The call

Harvey leads on distribution and customization inside law firms, but it doesn't own the model underneath it, and its biggest customers are starting to test building their own.

Harvey makes AI software that helps lawyers do research, writing, and document work faster. It has locked in most big law firms through custom setup and trusted relationships with ex-lawyers on staff, which is hard to replicate quickly. However, the core technology runs on AI models Harvey doesn't own (like Claude), so a competitor with better AI or deeper pockets can catch up fast. Thomson Reuters (which already owns legal databases and now integrates Claude directly) and a well-funded startup called Legora are both chasing the same customers, and worse, the biggest law firms (Kirkland, Freshfields) are building their own AI tools instead of using Harvey. The key question over the next year: do more top firms follow that path and bypass Harvey entirely, or do they stick with it for convenience?

Why

AI pressure: Legora. Legora, backed by Accel and Nvidia at $5.6B, sells the same AmLaw 100 firms a rival AI tool built the same way Harvey's was. Could AI do the core job? Only partly.

Bigger players: Thomson Reuters (CoCounsel). Thomson Reuters now runs CoCounsel on Claude via MCP, pairing Westlaw's exclusive content with the same model layer Harvey uses. Could a giant copy it? Yes, easily.

What protects it. Deep customization and workflow lock-in across most AmLaw 100 firms, plus ex-Big Law credibility that's hard to replicate fast.

What would change this call

5 or more additional AmLaw 20 firms announce in-house legal AI builds within 12 months. Would show top-tier firms disintermediating Harvey rather than buying its product.
Thomson Reuters reports rising CoCounsel win rates against Harvey in AmLaw accounts post Claude-MCP integration. Would show the incumbent successfully using AI upgrades to retake share.
Harvey discloses declining or stagnant gross margins in a future funding round or filing. Would show per-token inference costs are eroding its economics despite revenue growth.

Key numbers

Harvey ARR ~$300M (2026-05)
$200M raised at $11B valuation (2026-03-25)
Legora valued at $5.6B after $550M+ raised (2026-04)

Named risks

Core product runs on third-party foundation models with no proprietary model layer of its own. Severity: high
Top AmLaw firms disintermediating via in-house builds like Kirkland & Ellis's $500M Palantir platform. Severity: high
Gross margins pressured by per-token inference costs, 45-65% versus typical SaaS 80-90%. Severity: medium
Industry-wide AI hallucination and malpractice liability crisis could trigger regulatory scrutiny of legal AI tools. Severity: medium
Revenue trading at 41x-58x ARR multiples signals market pricing in significant execution risk. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Legora	contesting	Hit $5.6B valuation April 30, 2026 with Nvidia/Atlassian backing, same AmLaw 100 client list as Harvey
Thomson Reuters	gaining on	CoCounsel integrated Claude via MCP May 12, 2026, pairing Westlaw distribution with frontier model access
Kirkland & Ellis (customer)	losing to	Committed $500M to in-house Palantir AI build, reported May 28, 2026, as Harvey alternative
Norm Ai	contesting	Raised $120M at $1.2B valuation July 8, 2026 with outcome-based pricing to undercut Harvey
Freshfields (customer)	losing to	Struck direct deal with Anthropic, bypassing Harvey's software layer, reported 2026

Questions people ask

Is Harvey profitable in 2026?: Harvey has not disclosed profitability. It reported roughly $300M in ARR by May 2026 per Sacra estimates and kept raising capital, including a $200M round at an $11B valuation on March 25, 2026, and fresh strategic investment from Goldman Sachs and JPMorgan on July 28, 2026, suggesting it is still in growth-funded expansion, not confirmed profitable.
Could AI replace Harvey's own business?: Harvey's product is itself a legal AI layer built on foundation models it does not own. On May 12, 2026, Thomson Reuters integrated Claude directly into CoCounsel via MCP, showing the underlying model makers can be plugged straight into incumbent products, a structural risk to Harvey's middleman position.
Who is Harvey's biggest competitor?: Legora is Harvey's closest rival, targeting the same AmLaw 100 client base. Legora raised over $550M in a Series D in March 2026 and hit a $5.6B valuation by April 30, 2026 after an extension backed by Nvidia and Atlassian, intensifying direct competition with Harvey.
Who owns Harvey the legal AI company?: Harvey is privately held under legal entity Counsel AI Corporation, founded in 2022 by CEO Winston Weinberg and President/CTO Gabriel Pereyra. It is VC-backed, most recently valued at $11B after a $200M round co-led by GIC and Sequoia announced March 25, 2026.
Are law firms building their own AI instead of buying Harvey?: Yes. Kirkland & Ellis announced a $500M multi-year in-house AI platform build with Palantir, reported May 28, 2026, explicitly positioned as an alternative to purchasing Harvey. Freshfields has also struck a direct deal with Anthropic, bypassing Harvey's product layer.
How much funding has Harvey raised in total?: Harvey went from a $5M seed in November 2022 led by the OpenAI Startup Fund to a $200M round announced March 25, 2026 at an $11B valuation co-led by GIC and Sequoia, with a $160M Series F at $8B valuation in December 2025 in between.

Timeline

2026-07-28Goldman Sachs and JPMorgan make strategic investments after Harvey adds ~$100M ARR in one quarter
2026-07-08Norm Ai raises $120M Series C at $1.2B valuation to challenge Harvey and Legora
2026-05-28Kirkland & Ellis reported building $500M in-house AI platform with Palantir, alternative to Harvey
2026-05-12Thomson Reuters expands Anthropic partnership, integrates Claude with CoCounsel via MCP
2026-04-30Legora reaches $5.6B valuation after Nvidia and Atlassian-backed extension
2026-03-25Harvey raises $200M co-led by GIC and Sequoia at $11B valuation
2026-03Harvey launches custom AI agents tool; 25,000+ agents built by customers
2026-01Harvey acquires Hexus, an AI tool for product demos and videos
2025-12-03Harvey raises $160M Series F led by Andreessen Horowitz at $8B valuation
2025-10Harvey raises $59M Series E from EQT Growth

Revision history

29 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

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