Canadian legal technology firm Themis Solutions Inc., better known as Clio, has raised US$500 million in fresh funding, boosting its valuation to US$5 billion. The Burnaby, B.C.-headquartered company also finalized its US$1 billion acquisition of vLex, a global legal research platform that houses more than one billion legal documents and offers an AI-powered assistant for case research and drafting.
The Series G round was led by New Enterprise Associates (NEA) with participation from existing investors Technology Crossover Ventures, Goldman Sachs Asset Management, Sixth Street Partners, and JMI Equity.
“This is a defining moment for Clio and for the legal industry,” said Jack Newton, Clio’s founder and CEO. “With vLex now part of Clio, we’re combining the best minds and best tools to build the world’s most powerful legal intelligence platform.”
Building a Legal AI Powerhouse
Clio’s strategy centers on merging vLex’s research capabilities with its own cloud-based law firm management tools. Newton said the integration gives Clio a unique advantage through Vincent, the AI assistant developed by vLex.
Unlike general-purpose language models trained on open web data, Vincent’s reasoning is grounded in authenticated legal sources, allowing it to cite authoritative cases and documents in its answers. “When Vincent reasons or answers your legal research question, it’s grounded in the most comprehensive legal database in the world,” Newton noted.
The new funding will support Clio’s efforts to become an AI-first platform for law firms and in-house legal teams, integrating document automation, case research, and workflow management into a single ecosystem.
Expanding Global Footprint
Founded in 2008, Clio has grown from serving small and mid-sized firms to now targeting multinational law firms and Fortune 500 legal departments. The company’s client base has doubled to 400,000 users across 130 countries, while annual recurring revenue has surged 60% year-over-year, from US$250 million in 2024 to US$400 million in 2025.
Newton said the company is hiring aggressively to support its global expansion, with hundreds of open roles across engineering, product management, and customer service. Clio currently employs more than 2,000 people, primarily in Canada, the U.S., the U.K., Ireland, and Australia.
AI Adoption Accelerates Across the Legal Sector
The broader legal industry is undergoing rapid AI adoption. A 2024 Clio survey found that 79% of legal professionalsnow use AI in daily work, compared with just 19% a year earlier. Meanwhile, Thomson Reuters reported that half of all law firms now rank AI adoption as their top strategic priority.
That surge has fueled a boom in legal tech investment, with startups raising US$4.3 billion in 2025, a 54% jump from 2024. Competitors like Counsel AI (Harvey) have also expanded into Canada, reflecting a global race to bring AI-driven tools into mainstream legal practice.
