Where the legal AI money went

We kept looking for a straight answer to a simple question: who is funding legal AI, and what are they building? Every list we found was either a press-release roundup or a paywall. So we built the list ourselves and published it.

Where the money went tracks $6.2 billion across 95 AI-native legal tech companies, ranked by total raised, with each company's market, founding year, valuation and whatever traction it has actually put on the record. What they built with it covers the 264 named products those companies sell, grouped by type and tagged with who each one is sold to.

Four things stood out.

The money is concentrated, and the middle is thin

The top five companies hold 46% of all tracked capital. Harvey and Legora alone hold a third of it. Below that the drop is steep: the median company on the list has raised $21 million, and 51 of the 95 have raised under $25 million.

Almost nobody will say what they earn

Only 14 of 95 companies have put a dollar revenue figure on the record. Another 23 give a growth rate with no base to apply it to — "5x ARR" from an undisclosed number is not information. Twenty-one give a customer count in units that do not compare: law firms, seats, end clients of their clients, registered users.

That leaves 37 companies, 39% of the list, that have disclosed nothing at all. Some of them are worth over a billion dollars.

We could have hidden that behind an estimate. We put it in a column instead, with the date attached, so you can see who is proving something and who is only saying something.

The buyer is usually not a lawyer

Of the 264 products, 189 are sold to corporate in-house legal teams and 161 to law firms. Those two are the market.

Then it falls off a cliff. Thirty-eight products are sold in a way an independent lawyer can actually buy — a published per-seat price rather than a quote and a sales call. Fourteen are aimed at people handling a legal problem without a lawyer, and most of those are not software at all. They are services with an attorney attached.

Some of the list is already wrong

Checking product pages against funding records turned up companies that funding data alone cannot see. Robin AI raised $61.5 million and is finished — its services arm sold, its engineers hired away by Microsoft — while its website still shows live product marketing. Klarity raised around $90 million, renamed itself Within, and left the legal market entirely. Della AI was acquired in 2022; its domain is now for sale.

Six more companies on the list have quietly changed names. We flagged all of them rather than leaving the tidier version up.

Why we bothered

IQdoc exists because the people with the least support and the most at stake are the ones walking into court without a lawyer. We suspected the capital was not pointed at them. Now there is a number: 14 products out of 264.

That is not an accusation. In-house legal budgets are large, reliable and easy to sell to, and pro se buyers are none of those things. Any investor would make the same call. It is just worth writing down, because a market that funds $6.2 billion of software for the people who already have lawyers is going to keep producing tools for the people who already have lawyers.

How to use the pages

Both are sortable and filterable, every row links to its primary source, and every funding total carries a confidence flag: whether it came from the company, from arithmetic across announced rounds, or from sources that disagree. Roughly a third of the list is medium or low confidence. Treat those as directional.

Figures are as disclosed publicly and are not independently audited. Nothing here is legal or investment advice. We will keep both pages current, and we will say so plainly when we get something wrong.