LegalZoom J.P. Morgan TMC Conference Takeaways

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LegalZoom J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

18 May 2026

LegalZoom Overweight

LZ, LZ US

J.P. Morgan TMC Conference Takeaways Price (15 May 26):$6.00

Vertical SaaS & HealthTech

Ella Smith AC

(1-212) 622-2451

We hosted a fireside chat with the management of LegalZoom (LZ – ella.smith@jpmchase.com

Overweight), CEO Jeff Stibel and CFO Noel Watson, at our 54th annual J.P. Alexei Gogolev

Morgan Global TMC Conference. Our key takeaways include: (1-212) 622-9391

alexei.gogolev@jpmorgan.com

• AI partnerships are showing encouraging early results. LegalZoom is Destiny(1-212) 622-4360Jackson

seeing higher conversion rates and a higher propensity to upgrade into destiny.jackson@jpmorgan.com

subscription offerings versus other sources, resulting in higher LTV. CEO

Isabella A Camaj

Jeff also highlighted LegalZoom's AEO position, describing the company (1-212) 834-2379

as the leading reference for formations across ChatGPT and other AI bella.camaj@jpmorgan.com

platforms. The company is not paying anything today for AI platform J.P. Morgan Securities LLC

traffic, and the company is beginning to test ads on ChatGPT's free

experience as a first step as these platforms formalize their business

models. Management highlighted three core pillars including trust/brand

positioning with a guarantee backed by experts, a regulatory moat

(including the complexity of unauthorized practice of law plus privacy/

privilege requiring lawyers), and margin as the enabler for scalable expert-

led products that historically did not scale profitably.

• Partner channel is a focus area. Management noted that partnerships

have been under-prioritized historically and positioned them as a core

diversification lever for go-to-market.