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MJ
Max Junestrand
Legora (CEO)
First call on the ledger
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Where they stand
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'the software piece naturally will grow into the service revenue' @34:43; he argues AI 'starts to break this model where you charge out associates for very high hourly rates and you have a billable hour model' @35:38, with firms trying fixed-fee and success-fee pricing - the episode's 'end of the billable hour' thesis.
“It's a trillion dollars every year into legal services, which is very fragmented. But the software spend into legal technology is about 40 billion. So it means there's 4% software, 96% service, which is bananas.”
On the US legal-research 'duopoly' (Westlaw and LexisNexis @44:24): 'They can't get the talent, they don't work our hours, and they're so political... it's just hard to move' @43:43; on their shares he says 'if you look at how their stock is doing' and assents ('Yeah') to the host's 'they're getting priced in with the AI certainty' @46:29-46:35; 'many believed... those organizations who had all the data was gonna be the winners. As we're starting to see in the market, that's no longer the case' @43:53.
“I think that some of the existing providers and the sort of legacy players have a really hard time pivoting into becoming AI native businesses.”
Asked whether junior-lawyer jobs survive AI: firms still 'need to bring people up the ranks' @39:54, but training shifts - 'It's orchestrating the agent that will be doing that work' @40:23; he adds that post-'Opus 4.5 and 4.6' agents 'can really do end-to-end work... moving us from a world where AI is just augmenting to AI is actually really doing things' @46:53-47:12.
“The job will exist, the tasks will be different, right?”
'They are not competing in our product category at all' @47:43; 'Claude has a legal offering, which is basically a bundling of mark down skills files and a couple of integrations' @47:49; he also dismisses building 'a general legal intelligence model like some of our competitors are attempting' as a waste @49:32.
“What it also does is it drives a lot of initial usage there, and then you hit the ceiling, or you understand how shallow it is, and then you call off. So it's actually a big pipeline generator for us.”
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