Max Junestrand

I'll be happy by the end of the year if we deliver on all the promises we've made to clients and we don't even need these competitive pilots.

If you're a lawyer and you do serious legal work, you're on Legora.

It's like Figma.

If you're a designer that makes money, you're on Figma.

I want that to be the truth.

And if we do that, I'm sure 300 is the number or even more, right?

So I think law firms will go through a quite significant consolidation period because so far there hasn't been a lot of incentives to consolidate law firms.

But now actually private equity wants to get in on the action.

I want to fund different law firms who want to become AI powered.

Again, coming back to the idea of do you want to own the whole stack or do you just want to work with the best service layer?

And so you're saying a rollout play where you integrate AI?

Absolutely.

I mean, look, I don't think there's going to be an AMLOT 200.

I think it's going to be an AMLOT 20 or maybe AMLOT 12.

I don't think it'll be a big four because of regulation and it just takes time, but it will definitely consolidate.

At the end of the day, Legora and I care about working with the winners of that space because the technology lever will be one of the, if not the most important lever to utilize in competing against other firms.

It looks different for different practice areas and in different calibers, but let's take a bread and butter M&A transaction.

In a bread and butter M&A transaction, the legal work that the law firms do is pretty much undifferentiated.

You get pretty much the same thing depending on which firm you go to, if you just look at the DD and the work.

It's kind of an equilibrium where the price gets offered at.