One of Silicon Valley’s leading legal technology companies, Harvey, is setting its sights on Canada. “We want to better serve Canadian law firms,” states Gabe Pereyra, president and co-founder of Harvey. The AI company’s decision to open a new office in Toronto is not merely about geographical expansion; it’s a strategic move to tap into Canada’s top technical talent and a market renowned for legal innovation.
With a valuation exceeding $5 billion and backed by some of the world’s foremost tech investors, Harvey is making significant strides in the legal tech landscape. Pereyra dismisses notions that the company’s valuation is overhyped. “When we started the company, I believed strongly that these models would keep improving,” he explains. Early backing from OpenAI allowed Harvey exclusive access to GPT-4 before competitors, enabling the development of tools far surpassing simple chatbots. “We partnered with Lexis, iManage, NetDocs, and many others to build a suite of tools that can assist attorneys with their various tasks,” he adds.
Toronto: A Hub for Development
The Toronto office is poised to become a hub for both technical development and customer support, not merely a sales outpost. Harvey is enhancing its local presence by hiring a mix of technical talent and support staff, with plans to grow teams focused on product development and client service.
Beyond Translation: Product Localization
Product localization entails more than just translation. Pereyra, who has a background in translation systems from his time at Google, says, “Translation in general has been something that we built workflows around.” However, the real challenge lies in integrating legal data. “How do you acquire case law and other data sources needed for each region, like Canada, or any other country we operate in? We’ve been engaging in a mix of partnership building and some of our own initiatives,” he notes. The top priority is partnering with premier providers of these data sources to deliver an optimal user experience.
Integrating Complex Systems
Harvey’s competitive edge stems from its team’s ability to integrate complex systems. “We have AI researchers from Brain, DeepMind, Meta, as well as engineers from hyperscalers and top startups, along with lawyers from leading law firms,” Pereyra explains. This diverse expertise allows Harvey to develop products tailored for the most demanding law firms. “As we scale, integrating all these tools is key,” he emphasizes, highlighting partnerships with Lexis and iManage to create a cohesive experience for legal operations.
Expanding Beyond Law Firms
Harvey’s platform has rapidly expanded beyond traditional law firms. As clients began internalizing the product, new demands arose. “We started a year and a half ago selling to in-house teams,” says Pereyra. These teams requested features like contracting modules and project collaboration, reflecting the way companies collaborate with investment banks or audit firms. “The interesting aspect was working on projects together to enhance efficiency,” he adds.
A Win-Win for Law Firms and Clients
Pereyra emphasizes that Harvey is not aiming to disrupt law firms but to enhance them. “We see it as helping build infrastructure that boosts capabilities,” he explains. The goal is to create a win-win situation, improving client outcomes while boosting law firm profitability. “There are scenarios where we can enhance the work for a client and make it more profitable for a law firm,” he notes.
Beyond a Chatbot: A Comprehensive Tool Suite
For lawyers, Harvey represents more than just a chatbot. Pereyra describes it as a suite of tools designed to allow legal professionals to manage every aspect of their client matters in one place. “The experience should enable you to handle all aspects of litigation or access various tools seamlessly,” he explains. The aim is to unify emails, documents, and discovery data using generative AI.
AI’s Transformative Role in Law
According to Pereyra, AI is set to revolutionize the legal profession. As models improve, lawyers will collaborate with them like colleagues, shifting from repetitive tasks to strategic projects. “More work will move towards what senior associates and partners do,” he predicts.
Valuation and Future Prospects
Despite skepticism over Harvey’s $5 billion valuation, Pereyra remains unfazed. He argues that the complexity of legal tech has historically hindered progress, but improved models are changing that landscape. “The challenge with legal tech was the complexity, but better models are now enabling more advanced work,” he asserts. The real value, he insists, will emerge from law firms’ unique training data and expertise distilled into AI systems.
Pereyra likens the intricacies of law to programming, both requiring deep expertise. As technology advances, specialization in law will likely increase. “Legal practice areas are highly specialized, and the future will see more lawyers equipped with better tools,” he concludes.
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