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Harvey was valued at $15.5B in September, selling AI to lawyers. Many of them still get paid by the hour. Every hour the software saves them is an hour they can no longer bill. Thomson Reuters ran the math. If AI cuts a one-hour task to 12 minutes, a firm billing hourly loses 80% of the revenue on that task. So an hourly firm has little reason to pass the speed on to the client. My guess is that's a big part of why legal still feels slow to the people paying for it. The gain goes to the firm…
I’m excited to announce that @arceuslegal is launching with $17M in funding, led by @greycroftvc, with participation from @craft_ventures, @spc, and others. As a founder, I always hated how helpless I felt working with law firms. I went through four or five different firms and somehow the experience was always the same. I’d be waiting on something important to our business with no idea when I’d hear back. I’d have to re-explain our business over and over again. And I dreaded jumping on calls because I knew every minute was costing me money. We started Arceus because we believe every business deserves a better law firm. One that moves faster, costs less, and puts the client first. And we’re just getting started. ↓