Over the past year, legal tech logged 10% fewer equity rounds than the year before, yet raised 36% more money. The median round rose to $10.0 million.
Legal tech is raising more money in fewer, larger rounds. In the four quarters from Q4 2025 through Q3 2026, the Legal Tech Circle funding tracker logged 88 equity rounds worth $3.74 billion. In the four quarters before that, Q4 2024 through Q3 2025, it logged 98 rounds worth $2.75 billion. That is 10% fewer rounds and 36% more money.
The clearest sign of the shift is the median round, the size of the deal in the middle of the pack. It rose from $5.75 million to $10.0 million, an increase of 74%. Every figure here counts equity only. Debt facilities and acquisitions are tracked separately and left out of every total in this piece.
How Many Rounds Did Legal Tech Raise in the Past Year?
The tracker counts 88 equity rounds from October 1, 2025 to September 30, 2026. The quarterly pattern was uneven. Q4 2025 had 34 rounds and $1.36 billion, the largest quarter in the eight we studied. Q1 2026 had 25 rounds and $1.15 billion. Q2 2026 fell to 13 rounds and $393.1 million, the lowest count of the period. Q3 2026 recovered to 16 rounds and $830.5 million.
Compared with the same quarter a year earlier, though, Q3 2026 was down. It raised about 5% less money ($830.5 million against $872.2 million) from 7 fewer rounds (16 against 23). The four quarter trend of more dollars and fewer deals is clear, but single quarters swing with one or two large rounds.
Where the Size Increase Came From
The biggest change is at the bottom of the market. Rounds under $10 million fell from 59 to 42, a drop of 29%. Rounds between $10 million and $50 million rose from 22 to 24. Rounds between $50 million and $100 million rose from 7 to 10, and rounds of $100 million or more rose from 8 to 9.
So the median did not rise because every company raised more. It rose because fewer small deals were logged while the middle and the top held steady or grew. Rounds of $100 million or more carried 66.4% of all dollars in the latest four quarters, up from 56.9% the year before.
Some of the largest checks show the scale. Harvey raised a $550 million Series H in September 2026, Legora raised a $550 million Series D in March 2026, and Clio raised a $500 million Series G in November 2025.
Is This Real, or a Counting Effect?
Two caveats matter. First, small rounds are the hardest to find. Seed deals are often announced quietly, in local press or only in filings, so some will reach the tracker late. The 2026 count may rise as those surface. Second, a few very large rounds can move an annual total by hundreds of millions of dollars on their own.
Even so, the median is a sturdy measure because it ignores the size of the biggest deals. A median that climbs from $5.75 million to $10.0 million while rounds over $50 million increase tells a consistent story: investors are concentrating money on companies that already have traction.
What It Means for Buyers and Founders
For buyers, bigger rounds at established vendors usually mean more product investment and longer runways, which lowers the risk of a supplier disappearing mid contract. It also means those vendors have more money for sales, so expect sharper competition on price and terms at renewal.
For founders, the bar for a first institutional round looks higher. Fewer small rounds were logged, while the median Series A held at about $15 million. Raising a smaller round and stretching it further may be the realistic plan for 2027.
Common Questions
How much did legal tech raise in the past year?
The tracker counts $3.74 billion in equity across 88 rounds from Q4 2025 through Q3 2026.
Did legal tech deal count go down?
Yes. The tracker logged 88 rounds in the latest four quarters, down from 98 in the four quarters before.
What is the median legal tech funding round?
$10.0 million over the latest four quarters, up from $5.75 million the year before.
Does this include debt or acquisitions?
No. Debt facilities and exits are tracked on separate tabs and excluded from these totals.
*Updated Oct 25, 2026 with corrected tracker data: 88 rounds and $3.74 billion in the past four quarters, with Q3 2026 down 5% on Q3 2025.*
In this story
See every round in the Funding Tracker