Manifest OS, a startup selling AI software to lawyers, has sealed a $60 million Series A funding round valuing it at $750 million.
Investors in the round include Menlo Ventures, Kleiner Perkins, First Round Capital and Quiet Capital, according to a statement reviewed by Bloomberg News.
Manifest OS was founded by Dan Mishin, an entrepreneur who said he spent tens of thousands of dollars on the legal paperwork to become a US citizen. He said his company’s mission is to “end the billable hour” to make legal services accessible to all.
“To truly shift the market to outcomes-based pricing and to democratize access to high-quality legal services for clients, we needed to rethink the entire business model of a law firm from the ground up,” Mishin said in the statement.
Manifest OS is recruiting lawyers to join its network of attorneys, giving them access to software intended to boost their revenue by leveraging artificial intelligence. The more than 100 lawyers using Manifest OS software operate under the brand Manifest Law, according to the statement.
Lawyers who join Manifest OS rely on its platform for accounting and other back-office functions, Mishin said in a Bloomberg Radio interview.
“Attorneys are managing AI agents instead of doing the work themselves,” he said. “Lawyers are focused on doing one thing and one thing only, which is the practice of law. We handle everything else.”
On average, lawyers who join Manifest OS double their income compared with their previous jobs, according to Mishin.
Manifest OS targets lawyers at small or solo practices, where an American Bar Association industry survey found attorneys spend up to two-thirds of their time on non-legal work.
“The insight behind Manifest is really let’s solve that problem—the problem of where they spend their time—and enable lawyers to be the best versions of themselves to actually focus just on legal work,” Mishin said.
The company is starting with immigration law but intends to expand to other practice areas, Mishin said, with tax law up next. Year-end profits are invested in research and development, he said.
Mishin is one of a group of startup founders seeking to disrupt the business model of law firms, believing AI-delivered efficiency presents an opportunity to charge for outcomes rather than hours billed. Those companies are using AI to take first passes at drafting legal documents before handing them off to attorneys.
Norm Law LLP launched in November and specializes in financial services work. It’s being built in collaboration with Blackstone Inc.’s in-house legal team.
The “AI-native law firm” Crosby last month raised a $60 million Series B round led by Lux Capital and Index Ventures that it said would allow it to build more technology. Crosby also has backing from Sequoia and Bain Capital Ventures.
“Just as Uber created more supply by increasing the number of drivers on the road, Manifest uses AI to dramatically increase the throughput and productivity of existing lawyers,” Menlo Ventures partner Croom Beatty said in a statement. “The total market here is massive — the 80th biggest law firm does roughly $800 million in revenue, and even the 200th biggest pulls in close to $300 million a year.”
Written by: Liana Baker and Evan Ochsner @Bloomberg
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