Anthropic has budgeted $41.5 million in legal fees for its IPO

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Anthropic's IPO is poised to create a windfall in legal fees for elite law firms, including Wilson Sonsini and Freshfields.

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.

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