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Legal Tech Boom: AI in Law Firms
Description
Legal tech is booming, with AI-powered platforms like Clio, Harvey, and Legora leading the charge. These companies are leveraging the vast amounts of legal documents and contracts to train large language models, automating tasks like document reviews and drafting. Clio, in particular, has seen explosive growth, reaching over $500 million in annual recurring revenue. Even big AI makers like Anthropic are getting in on the action, rolling out new legal tools for their Claude model. The legal AI market is poised for continued growth, with Clios recent acquisition of research platform vLex allowing lawyers to gain deeper insights using AI.
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