Numb

There are 241+ LegalTech firms in the world and we only hear about 3, maybe 4.

But here’s my question… surely the other 90% are doing okay, right? People are still paying rent, dogs are still being fed, beers 🍻 are still being bought.

I’m constantly surprised by how much opportunity there is when I work with a founder or CRO to pressure-test their pipeline. Two competitors can have chalk-and-cheese pipelines.

But is the tide turning? Are we slowly spinning into a revenue suck, where the big guys are hoovering up every last penny… reducing variation and killing innovation?

This thought came after Harvey announced $100m in ARR in just three years. Impressive, yes but that’s not new money.

So where did it come from? Someone’s hurting. And if that’s you, please shout. I don’t know law, but I do have an Amex and a taste for a fresh one.

We’ve been here before, and we’ll be here again. You can usually spot what’s “in” by looking at who’s sponsoring your friendly neighbourhood event.

2010s: All about e-discovery, now billion-dollar companies like Epiq and Consilio.

Early 2020s: Document automation took off, which bled into CLM, leading to giants like Agiloft, Icertis, and Ironclad.

(Side note — I think they know their goose is cooked in Legal, and most are pivoting into procurement.)

Now: We’re in the AI wonderland. Funding is flying around like punches from Mike Tyson.

It’s all feeling a bit “meh” to be honest.

And it’s biting from a talent perspective. Twice this week, vendors pinged me to say their recruiter just isn’t working out. Of course, you kill with kindness and quietly ask why they didn’t use you first… but this doesn’t happen much. Which makes me think:

Agencies that don’t really know the space are getting found out.

Or… there simply aren’t enough good people to go around.

Funding and growth are outstripping what the market can handle — and that leads to…

Dun, dun, dun… a correction.

So if you’re in LegalTechland, you’re not alone. Competition is fierce everywhere in our ecosystem. That’s why we started LexFuel to get people in a room for coffee and conversation.

If you want to come to Volume 2, let me know.

AND For Volume 3, we’ll be in NYC thanks to a brilliant new sponsor.

Much love — stay the course.

Rob x