Anthropic is betting its tech can help corporate lawyers rely less on outside counsel. Its own path to the public markets offers a reminder that law firms are not going anywhere.
The company expects to spend $41.5 million on legal fees for its stock market debut, according to paperwork it filed Tuesday for its initial public offering. It also disclosed costs tied to underwriting and a road show. Outside counsel was among its largest expenses.
That is a hefty sum even by IPO standards. A Nasdaq analysis of 1,239 market listings from 2016 through 2025 found that companies raising more than $1 billion budgeted an average of $4.9 million for legal fees. The figure may be rising as companies stay private longer and come to market as larger, more complicated businesses.
SpaceX’s IPO offers one indication of the new scale. Its S-1 filing showed the aerospace giant budgeted $25.5 million in legal fees ahead of its Nasdaq debut, the largest offering on record.
For the law firms on either side of the deal, Anthropic’s listing is an opportunity to share in the windfall. Wilson Sonsini is leading the offering, while Freshfields is representing the underwriters.
Orrick advised Anthropic on executive pay and equity matters. Cleary Gottlieb advised the company’s Long-Term Benefit Trust on governance issues, and Cravath, Swaine & Moore advised Anthropic’s cofounders on governance matters.
A spokesperson for Anthropic didn’t immediately respond to a request for comment.
Anthropic is not just staffing up outside counsel. It’s also reshuffling its own legal team ahead of a market debut.
The company promoted Elena Leichty to general counsel at the end of the summer, while Jeffrey Bleich transitioned to a new role as international special envoy. Brian Israel serves as chief legal officer.
