LegalZoom: Takeaways from virtual investor meetings with CEO & CFO

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LegalZoom: Takeaways from virtual investor meetings with CEO & CFO

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LegalZoom

Takeaways from virtual investor meetings

with CEO & CFO

Reiterate Rating: BUY | PO: 9.00 USD | Price: 5.61 USD

LegalZoom’s AI Positioning and Strategic Differentiation 09 June 2026

Yesterday we hosted LZ CEO Jeff Stibel & CFO/COO Noel Watson for a virtual group Equity

meeting with investors. We thought the tone was positive & upbeat, especially on AI

impact & defensibility of LZ’s moat. Mgmt. framed the AI strategy as providing “last Michael McGovern

mile delivery” of legal services online, emphasizing the trust advantage anchored in its Research Analyst

BofAS

longstanding brand strength plus the human-in-the-loop offering. AI shifts value toward +1 415 676 3520

trusted, integrated platforms vs. commoditizing legal workflows, and the Partnership mmcgovern@bofa.com

channel volume has scaled from 4% to 10%, becoming increasingly two-sided.

Learnings from AI partnerships with Anthropic & OpenAI Stock Data

On AI-driven distribution, discussion centered on traction from Claude Connector &

ChatGPT formations integration, where mgmt. highlighted strong early experimentation Price 5.61 USD

and useful learnings from usage patterns and performance. Mgmt. noted the most Price Objective 9.00 USD

surprising element so far has been that LLM customers arrive highly educated but desire Date Established 7-May-2026

a human & product layer to complete the legal workflow for accountability, compliance, Investment Opinion C-1-9

execution & exception handling. We see three reasons why LZ has a defensible position 52-Week Range 5.28 USD - 12.40 USD

in AI: 1) Strong market positioning with brand strength equates to trust (SMB focused & Mrkt Val (mn) / Shares Out 1,094 USD / 195.0