A defensible valuation that backs your ~$500M / 250-client benchmark; a competitive map of his own sector that shows you studied his space to grow the collective; and three deal structures that capture mutual upside with zero revenue-share.
The internally-consistent output of $250K ARR × 250 clients × 8× — a ~2.5% take on Day-Law-class firms. Standalone band $300M → $500M → $1.24B.
Base ~$1.0B combined vs a ~$630M sum-of-parts — a +60% "1+1>2" premium from shared distribution, a joint med-cron line, and a multiple re-rating.
His rivals are specialty EHRs; your legal-AI peers only process records they don't own. Ladd + Soma is the only pairing that instruments both ends of a PI case.
| Asset | Conservative | Base | Aggressive | Confidence |
|---|---|---|---|---|
| Ladd / Consortium Law standalone, 250 clients | ~$300M | ~$500M | ~$1.24B | Low–Mod |
| Soma ~250 medical clients | ~$40M | ~$131M | ~$340M | Low |
| Sum of parts | — | ~$631M | — | — |
| COMBINED synergized | ~$780M | ~$1.01B | ~$1.26B | Mechanism |
Value = platform ARR per client × client count × revenue multiple. Reverse-engineer Sean's benchmark and it lands exactly on plausible inputs — a 2.5% take at an 8× multiple.
| Scenario | Take | Platform ARR / client | ARR @ 250 | Multiple | Ladd EV |
|---|---|---|---|---|---|
| Conservative | 2.0% | $198K | $49.5M | 6× | ~$297M |
| Base — ties to Sean's $500M | 2.5% | $250K | $62.5M | 8× | ~$500M |
| Aggressive | 5.0% | $495K | $123.75M | 10× | ~$1.24B |
Harvey $15.6B / ~$400M ARR ≈ 39×. Legora $5.55B / ~$100M ≈ 55×. PI-plaintiff specialists EvenUp ~$2B, Eve ~$1B (reasoned 10–20× band).
Conservative against that ceiling. Upside to 15–25× if Ladd earns AI-native investor framing. Legacy legal-tech sits at just 3–8×.
Healthcare-IT M&A ~5.3× rev; vertical-SaaS health 5–12× ARR in 2026. Soma sits mid-band — top plausible with proven NRR + the WC / No-Fault regulatory moat.
PI cases are medical + legal — each client base becomes the other's zero-CAC channel.
Productized medical-chronology automation that only exists when the EHR and the case engine are joined — incremental ARR neither books alone.
Owning the whole workflow is stickier and bigger-TAM than either half — a new, richer category.
Legal-AI peers — Harvey, EvenUp, Supio, Eve — are all capped by retrieval: HIPAA latency, incomplete records, dictated-note ambiguity. Ladd + Soma originates the record on one side and consumes it on the other, structured, from the treating clinician's first visit.
The data-quality moat no horizontal peer can copy cheaply — to match it they'd have to buy or build a HIPAA-regulated EHR.
HIPAA / WC / No-Fault on Soma's side; PI case-management on Ladd's.
For EvenUp / Supio it is the product; for you it falls out of the data model for free — letting you undercut a ~$2B surface.
Price across the whole PI dollar — provider-side and firm-side.
Neither legal-AI nor health-IT — the PI supply-chain platform. That category's ceiling is set by imagination, not peer trades.
A payment tied to legal-case revenue or client/patient referrals is a live ethics-and-criminal-exposure problem (RPC 5.4 fee-splitting · anti-kickback / capping). Building the deal to avoid it is a feature you sell to Nikki — consideration is always denominated in software value, never a share of legal fees.
Shared auditable ledger; attributed value booked in software units (matters, seats, records), netted quarterly, settled in service credits or accrued toward equity — never a revenue cut.
Each grants the other an embed license at a flat, capped fee — symmetric, so at parity the streams net toward zero and the payoff is depth + retention.
The joint product is built and owned in a jointly-held NewCo; each parent licenses in its core (not assigns) and owns equity in the JV.
One page: reciprocal intent to integrate, non-rev-share, attribution-based; 60–90 day exclusivity / standstill; mutual NDA underneath.
The operating relationship — captures cross-attach value immediately, low drama.
Fund the med-cron JV by converting accrued Structure-A credits into founding equity — A's credits become C's cap table. The built-in bridge.
The fast fallback if Nikki wants the simplest possible start.
Ranked by how much each swings the valuation. The single most valuable output of the meeting isn't a signature — it's Nikki's real numbers.
The single biggest unknown.
Is Day Law the flagship, or the mean?
Client count, per-client ARR, growth, margin, NRR — every Soma figure here is an assumption until we have these.
Confirm it's medical-chronology / record automation — not a scheduling / billing engine.
Who earns legal fees vs. who licenses software — the fee-split analysis depends on it.