The Ledger
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Weinberg: Every single company will sell intelligence as its core business
“I think every single company is going to sell intelligence. Like that is going to be the core of the company.”
Pereyra: Harvey is moving traffic to open-source models due to closed-model costs
“There's customers like us, where we do need to move some of our traffic to open source models because it's just becoming super expensive to serve like the largest closed frontier model.”
Harvey plans to open-source general AI and monetize private enterprise infrastructure
“We think of our strategy as we want to open source the general stuff and work with all of the providers to make these models as good as possible at general legal. And then we want to build infrastructure for these law firms and enterprises that help them own t…”
Weinberg: Harvey has an over 70% win rate in Europe
“Yeah, I mean, I would say in Europe, I think our win rate is, like, over 70% so I don't think it's as much dominant there.”
Weinberg: AI acquisitions should focus entirely on talent, not legacy tech
“If you are making an acquisition, like, the number one thing you should be looking at is just talent. Because you can build things so much faster now, right? That it should literally just be talent.”
Weinberg: Fast-growing AI startups must reinvent themselves every six months
“Normally, you know, companies need to, like, reinvent themselves maybe every, like, five years, 10 years, something like that. I think you have to do it every six months.”
Switching to cloud agents caused Harvey's usage to double quarter-over-quarter
“And then this year, most recently, the main switch we did is just went over to cloud agents. Like we switched our entire infrastructure to that. And once we did that, usage literally just started, like, doubling quarter over quarter.”
Harvey reached roughly 960 employees, 2,000 customers, and $300M ARR
“We're around 900 folks 950 people, 960, something like that. We're at around 2000 customers somewhere around three hundred million ARR.”
Klein: ChatGPT Enterprise will not eat the vertical AI market
“I think there's constantly a debate around like, well, won't, you know, chat GBT enterprise, just eat up all of this market. I don't think that's the case at all. I think that to build a great vertical AI company, like a Decagon, a Sierra, or Harvey, you have …”
Pereyra: Harvey Is Likely the Largest Embeddings Consumer for Some AI Labs
“I think for some of the labs, we are like the largest consumer of embeddings.”
Pereyra: Harvey queries cost up to $20 for drafts, $20k for reviews
“We have simple like assistant type queries where you say, you know, draft me a document that a single query can cost 20 dollars. We have like a review product where you can upload a 100,000 contracts and ask the models to review them, and some of those can cos…”
Pereyra: Legal AI reached an adoption inflection point in late 2023/early 2024
“I think we're just starting to see in the past six months that inflection for legal where the models can now generate entire documents and they're starting to work in a way where Most lawyers who aren't using this technology just for fun, they're like, this ne…”
Pereyra: No Single AI Model Wins Across All Legal Tasks
“What we've seen is actually every different model is good at something different. And so with the initial results we saw, Anthropics models are quite strong, but there's areas where a 5.5 is better. There's some areas where open source is better.”
Harvey's DAU/MAU ratio jumped from roughly 36% to 52%
“Our DAU over MAU at the beginning of the year was around like 36%. Right now it's like 51, 52%.”
Weinberg: Harvey employs 200+ lawyers, with only 25 in commercial roles
“In this company we have over 200. Yeah. And so, and then on the commercial side, like, actually, I guess doing what a normal lawyer would do there's only about, like, 25.”
Harvey's monthly token usage grew from 1T in January to 13T
“Our token usage in January was one trillion. Like for the month of January, and this month it'll probably be like 12 or 13 trillion.”
Weinberg: Harvey built a synthetic dataset pipeline for every legal use case
“And so with that, we've now actually created basically like a pipeline for creating synthetic data sets across like every single legal use case.”
Harvey has not spent most of its $1B in raised capital
“No, we actually, we haven't used a lot of that money.”
Harvey is building a taxonomy of Big Law tasks to benchmark agents
“So a lot of what we're building is essentially this taxonomy of here's all the tasks that a law firm would do, and here's all the subtasks that associates would do, and how partners or senior associates would grade that work.”
Pereyra: Harvey models its vertical AI strategy on DeepMind's top-down approach
“And I think our approach is a bit more inspired by the DeepMind one, just because I think because we're in a vertical, the end goal is very clear.”
Pereyra: Harvey will publish research with labs and open-source models
“We are going to start publishing some of our research that we're doing with the labs or the other providers and open sourcing more models, more of the work we're doing.”
Weinberg: Harvey has 350 employees in SF and 300 in NY
“So in this one, I think it's around, like, 350, and then New York is around, like, 300, something like that.”
Financial services is Harvey's fastest-growing vertical, followed by pharmaceuticals
“Our fastest growing of like the, of the verticals in general is financial services is number one for sure. So like banks, private equity, asset management and then pharma is actually growing pretty fast too.”
In-house corporate legal teams make up 42% of Harvey's business
“Yeah, 42% is in-house corporates. It's growing faster than the law firms, technically”
Katzenberg: Harvey founder Winston Weinberg sought WndrCo's help for storytelling
“Literally in the very first meeting, when we talked with him, he said, I need help with my storytelling. Like I know my product crushes. I I'm like, there's no ends, ifs or buts about that. How do I get that out there into the world?”