Harvey and Legora Explore IPOs as Legal AI Market Eyes Turbulence

By Grace Kim

Legal AI platforms Harvey and Legora have both held talks with advisors about potential public listings, sources confirm, a move that could bring the sector's first major IPOs as early as next year.

Artificial Lawyer reported this week that Harvey has spoken to advisors about a possible flotation, and that the discussions are ongoing. Legora is doing the same. Sources say the Swedish-born platform has been talking to investment banks about valuations, timelines and main backers for a future listing. JP Morgan is now an investor in Legora — a signal worth noting.

What did Legora say?

Asked directly about the IPO question, a Legora spokesperson told Artificial Lawyer: "We don't comment on speculation. Max [Junestrand, CEO] has always said he'd like to take Legora public one day, but it's too soon to say when. Right now we're focused on our customers and growing the business."

In plain terms, the report reads this as confirmation that a listing will come if market conditions allow. The company stressed a long-term orientation after its recent funding round. An IPO, however, changes ownership and changes the pressures a company faces.

Takeaway: Both companies are doing forward planning any rational business owner with a valuable asset would do.

Why the sudden rush?

Artificial Lawyer identifies four drivers behind the accelerated timeline thinking:

• AI bubble risk. Reports of data centre deal financiers selling off debt are gathering pace. A Democrat win of the US House — sometimes tied to opposition to new data centre construction — makes a slowdown in AI investment more likely. Harvey and Legora both carry valuations higher than legal tech has typically seen, leaving them exposed to a macro readjustment.
• The Anthropic test case. If Anthropic's IPO succeeds, that likely serves as the green light for legal AI listings. If it fails, companies must choose between pressing ahead, calling it a blip, or waiting one to three years.
• Big Tech entering legal. Microsoft's Copilot for Legal, built by a team that includes former Robin AI staff, could reach hundreds of thousands of lawyers. That threatens the growth Harvey and Legora are targeting, especially among smaller firms. Google, OpenAI and Anthropic are also moving into legal.
• Talk is not a listing. Relativity filed preliminary paperwork with the SEC and still has not gone public. Bank conversations do not guarantee a deal.

Takeaway: Going public sooner rather than later may be a defensive play before the giants take real market share.

The report's bottom line: an IPO from one of them could come as soon as next year, or it could be years away. The market is fragile, and both companies would rather sell to no one — not LexisNexis, not Thomson Reuters — preferring the public route.

What is A&O Shearman actually committing to?

A&O Shearman announced a $1.1 billion investment in AI over five years — roughly $220 million per year for a firm with $3.7 billion in revenue. The firm told Artificial Lawyer in a statement: "The majority of this investment will come from each practice investing at least 3% of its time developing specialist AI tools and services within its area of law."

The figure raises hard questions. A firm can spin up an agent in Harvey — which A&O already uses heavily — in an afternoon. A billion dollars of billable time would translate into thousands of agents. If the goal is training a proprietary LLM, why would all lawyers need to participate, and why stretch it over five years? And who counts the 3% of time, and what is measured?

The commitment now binds the firm for five years. Every few months, observers can ask what has been spent and what has been built.

Takeaway: A headline number built on internal billable time creates lasting accountability pressure the firm must now service.

What do buyers actually care about?

At Legal Innovators UK 2026, just concluded in London, only one person among dozens asked about Harvey's or Legora's financial plans. Practitioners want to know:

• Does the product solve their problem?
• Is it reliable beyond the demo?
• Is it secure and trustworthy?
• Is it easy to use?
• What service and support levels come with it?
• What is the product roadmap as AI advances?

Legal Innovators New York runs November 17-18 in Midtown, supported by White & Case, featuring a video interview with Microsoft's Carina Negreanu on Copilot for Legal.

Takeaway: For 99% of the market, IPO talk is noise; product performance is the signal.