Legal Tech Funding Without Harvey and Legora

All of legal tech’s funding growth over the past year belongs to two companies. In the four quarters from Q4 2025 through Q3 2026, the Legal Tech Circle funding tracker logged $3.74 billion in equity rounds, up 36% from $2.75 billion in the four quarters before. Harvey and Legora raised $1.77 billion of the latest total across eight rounds. A year earlier, they raised $680 million across three.

Remove those two companies and the picture reverses. Everyone else raised $1.97 billion in the latest four quarters, down from $2.07 billion. That is a decline of 5%, not growth.

We covered the two leaders in our opinion piece on how Harvey and Legora now set the price of legal AI. This piece looks at the other 80 rounds.

How Much Did the Rest of Legal Tech Raise?

Outside Harvey and Legora, the tracker counts 80 equity rounds worth $1.97 billion from Q4 2025 through Q3 2026. In the prior four quarters it counted 95 rounds worth $2.07 billion. So the rest of the market raised less money from 16% fewer deals.

The one measure that rose was round size. The median round outside the top two went from $5.3 million to $8.0 million. That is a smaller jump than the market wide median, which moved from $5.75 million to $10.0 million, but it points the same way: fewer companies raised, and those that did raised more.

Who Raised the Big Rounds Outside the Top Two?

The largest checks outside Harvey and Legora in the latest four quarters went to Clio, with a $500 million Series G in November 2025; EvenUp, with a $150 million Series E in October 2025; Norm Ai, with a $120 million Series C in July 2026; and Enter, with a $100 million Series B in May 2026.

Those four rounds add up to $870 million, or 44% of the non Harvey, non Legora total. Outside the top two, the market had four rounds of $100 million or more in the latest period, against six the year before. The prior year’s list included Filevine’s $400 million raise, announced in September 2025. Without that single round, the rest of the market would have shown growth rather than a decline.

Why the Distinction Matters

Headline totals are often used as a proxy for the health of a market. In legal tech right now, the headline mostly measures investor appetite for two platform companies. The broader market is flat to slightly down. Deal count is down, the median round is up, and total dollars fell.

That is not a crisis. A market with fewer, better capitalized companies can be healthier than a crowded one, and one large round such as Filevine’s can swing a yearly comparison. But anyone using a headline figure to argue that every corner of legal tech is flush with capital is reading the data wrong.

What It Means for Buyers and Founders

For buyers, the funding gap between the top two and everyone else is very large. Harvey and Legora together raised almost as much in the past year as the other 80 rounds combined. Expect them to keep spending on product breadth, integrations and sales coverage. Smaller vendors will compete by going deeper in one practice area or workflow.

For founders, the useful benchmark is the market outside the leaders: a median round of $8.0 million and total dollars down 5%. Pitches that compare a company to the two leaders’ valuations may land less well than a clear plan built on that more sober baseline.

Common Questions

How much did Harvey and Legora raise in the past year?

$1.77 billion across eight equity rounds from Q4 2025 through Q3 2026, per the tracker.

How much did the rest of legal tech raise?

$1.97 billion across 80 rounds in the same period, down 5% from $2.07 billion.

What share of legal tech funding went to Harvey and Legora?

47% in the latest four quarters, up from 25% the year before.

Does Legora’s October 2026 round count here?

No. Its $550 million Series E closed in Q4 2026, after the period covered.

*Updated Oct 25, 2026 with corrected tracker data: totals outside Harvey and Legora, with Noxtua recorded as an exit.*