What Are the Best AI Tools for Lawyers to Speed Up Contract Review and Due Diligence?
Discover how AI tools for lawyers like Legora and Harvey AI help law firms automate document review, streamline legal research, and increase billable hours. Want to see exactly how these platforms stack up against each other? Keep reading to discover the in-depth features of each software and find out which legal AI tool is the perfect fit for your firm’s specific needs.
Legora is transforming how legal professionals handle their daily workloads by offering smart, AI-driven tools. Its platform takes the heavy lifting out of document review by pulling crucial details from contracts and case files and organizing everything neatly into easy-to-read tables. Attorneys can also seamlessly draft and review documents directly within Microsoft Word using Legora’s AI assistance.
Beyond document processing, the platform features two distinct AI agents. One is built specifically for deep legal research, while the other handles general tasks like reading through files and ensuring compliance. Despite being under three years old, this Sweden-based startup has quickly secured 400 clients across 50 markets. They recently teamed up with Datasite to bring virtual data rooms into the Legora ecosystem, making M&A due diligence far more efficient. Investors are noticing, too; earlier this year, Legora added $50 million to its Series D funding, pushing its valuation to an impressive $5.6 billion.
The Rise of Legal AI
The broader context here is the massive growth of legal artificial intelligence. Currently, over 60% of lawyers have experimented with AI at work, and more than 10% rely on it regularly. The appeal is obvious: industry analysis suggests that integrating these tools saves an attorney about four hours a week. That translates directly into roughly $100,000 of new billable time annually per lawyer.
Legora isn’t alone in this space. Several other platforms are currently gaining serious traction:
- Harvey AI: Leading the pack with a massive $190 million annual recurring revenue (ARR), Harvey allows law firms to train a dedicated AI assistant on upwards of 10,000 documents per case. The resulting chatbot answers specific questions, manages workflows, and integrates seamlessly into Word.
- Supio: Built entirely for personal injury firms, Supio scans case files to spot potential injuries and automatically drafts demand letters. Their hyper-focused approach has paid off, with ARR quadrupling over the last year.
- Robin AI: Focused strictly on contract law, Robin AI provides specialized tools that speed up the contract review process by up to 80%.