Legal AI

Chris Freeberg, Altis Founder and CEO, puts the questions investors ask most to leading Altis Advisor Jakub Makowski.

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Informational only. Will not constitute investment advice.

Background: the legal tech stack, from Altis legal AI research.

What does someone writing a check at $15.5B actually have to believe?
Is selling to non-lawyers a real market today, or a story aimed at investors?
Why is the market paying so much less for each dollar of Legora's revenue?
When the best customers are already signed, is growth a sales problem, a product problem, or a pricing problem?
Who wins the mid-sized in-house team: Harvey and Legora, specialists like GC AI, or the incumbent license?
Is Europe where the US was 18 months ago, or a structurally smaller, cheaper market?
What would actually get a Harvey customer to switch at renewal, rather than use Legora as leverage on price?
Would a law firm ever accept a variable AI bill when it still bills its own clients by the hour?
Is becoming partly a model company the right answer, or an expensive detour when the labs improve every six months?
Three years from now, who owns the lawyer who lives inside ChatGPT or Claude?
Should Harvey and Legora worry more about Anthropic and OpenAI, or about Thomson Reuters and LexisNexis?
Is the AI-native law firm the bigger opportunity, or a services business that investors are valuing like software?
What's the most overrated narrative in legal AI right now?

What does someone writing a check at $15.5B actually have to believe?
Is selling to non-lawyers a real market today, or a story aimed at investors?
Why is the market paying so much less for each dollar of Legora's revenue?
When the best customers are already signed, is growth a sales problem, a product problem, or a pricing problem?
Who wins the mid-sized in-house team: Harvey and Legora, specialists like GC AI, or the incumbent license?
Is Europe where the US was 18 months ago, or a structurally smaller, cheaper market?
What would actually get a Harvey customer to switch at renewal, rather than use Legora as leverage on price?
Would a law firm ever accept a variable AI bill when it still bills its own clients by the hour?
Is becoming partly a model company the right answer, or an expensive detour when the labs improve every six months?
Three years from now, who owns the lawyer who lives inside ChatGPT or Claude?
Should Harvey and Legora worry more about Anthropic and OpenAI, or about Thomson Reuters and LexisNexis?
Is the AI-native law firm the bigger opportunity, or a services business that investors are valuing like software?
What's the most overrated narrative in legal AI right now?

Host
Chris Freeberg
Founder & CEO, Altis
Chris spent nearly 12 years running commercial due diligences at BCG, most recently as Managing Director and Partner. He co-founded Altis with Ben Sun after watching investors trade depth for speed on deals they lacked the bandwidth to work.
Guest
Jakub Makowski
Legal tech operator, London · formerly Legora UK
Jakub has spent eight years in legal technology, including leading Legora's UK business and at Lawhive. He advises Altis on the market and is building a new Legal AI company in London.