Legal AI startup Legora has raised a whopping $550 million in a Series E funding round, valuing the company at $8.8 billion. This comes on the heels of its competitor, Harvey, securing a similar sum in a larger valuation just a month ago.

The funds will be used to expand Legora’s services across North America, with the company aiming to further automate and assist with workflow tasks for legal professionals. Legora’s ARR has more than doubled since March, now sitting at over $200 million, reflecting its growing importance in the legal tech landscape.

This funding round follows a $50 million extension of Legora’s Series D round, which valued the company at $5.6 billion. Back then, the company’s ARR was reported at $100 million, now a more impressive $200 million. Investors in the latest financing include Atreides Management, Baron Capital, Bessemer Venture Partners, General Catalyst, and Menlo Ventures, among others.

As legal tech continues to make significant strides, one wonders how many more industries will be transformed by AI. Will human lawyers become as obsolete as horse-drawn carriages, or will there always be a place for human expertise?