Harvey's latest move shows where legal AI is heading as the platform race heats up

Harvey has raised another big round of funding - and used the moment to unveil a product that taps directly into where the legal AI market is heading.

The legal AI giant has closed a $160 million Series F round at an $8 billion valuation, led by Andreessen Horowitz. It is Harvey’s third major raise in six months, following a €50 million investment from EQT in October and a $300 million round in June, taking total funding to $1 billion, according to Crunchbase.

Harvey also said it is running its first tender offer, effectively a private secondary share sale that lets early shareholders such as founders and employees take some money off the table. Details remain under wraps, but you would expect it to mean sizeable payouts for senior figures, including co-founder and former Big Law lawyer Winston Weinberg.

The bigger move: Harvey launches 'Shared Spaces'

More significant than the funding was Harvey’s announcement of "Shared Spaces", a collaborative workspace that lets law firms and clients work together in real time.

The product effectively enables firms to "productise" their knowhow by giving clients a secure space to work alongside lawyers on key documents or "to self-serve answers drawn directly from your firm’s knowledge and expertise."

Harvey says firms will be able to share purpose-built workflows that generate first drafts for lawyer review, reducing back-and-forth, and build playbooks that "package market intelligence and firm positions into repeatable guidance for negotiations."

Giving the example of an M&A deal, the company says Shared Spaces can speed up deal execution by allowing clients to run due diligence workflows themselves.

The next frontier: 'multiplayer' legal AI

The move signals where the legal AI market is heading. The major platform players - Harvey and European rival Legora - are evolving from time-saving tools to "multiplayer" environments designed to improve outcomes and speed by letting clients and lawyers work in the same AI-enabled space.

Weinberg recently sketched out a world in which the first 10% of a large M&A deal can be fully automated, compressing due diligence from six weeks to two. Faster work, he argues, could actually allow firms to charge more because the technology helps clients win deals, not just cut hours spent on them.

Harvey’s new Shared Spaces product looks very much like a direct rival to Legora’s Portal, launched in November, which offers a similar white-labelled workspace to help firms embed their expertise into tools clients can use independently.

With a giant war chest and an increasingly ambitious product strategy, Harvey looks to be positioning itself as providing the core infrastructure on which high-stakes legal work will run.