{
  "crd_number": 297876,
  "slug": "legalist-san-francisco-ca-297876",
  "primary_business_name": "LEGALIST",
  "legal_name": "LEGALIST, INC.",
  "dbas": [
    "LIST CAPITAL MANAGEMENT"
  ],
  "city": "San Francisco",
  "state": "CA",
  "country": "United States",
  "cbsa_code": "41860",
  "metro": {
    "cbsa_code": "41860",
    "common_name": "San Francisco",
    "msa_name": "San Francisco-Oakland-Fremont, CA",
    "path": "/advisors/ca/san-francisco"
  },
  "registration_type": "sec",
  "registration_status": "Approved",
  "registration_date": "2019-12-20",
  "years_registered": 6,
  "period": "2026-10-01",
  "filing_date": "2026-06-29",
  "carried_forward": false,
  "raum_total": 1915106194.0,
  "raum_discretionary": 1485106194.0,
  "raum_non_discretionary": 430000000.0,
  "raum_band": "1b_5b",
  "raum_band_label": "$1 billion to $5 billion",
  "total_employees": 36,
  "advisory_employees": 16,
  "client_count_bucket": "fewer_than_5_in_some_types",
  "clients_by_type": {
    "other": {
      "raum": 430000000.0,
      "count": 2,
      "description": "SMA",
      "fewer_than_5": true
    },
    "pooled_investment_vehicles": {
      "raum": 1485106194.0,
      "count": 15
    }
  },
  "compensation_types": [
    "percentage_of_aum",
    "performance_based"
  ],
  "advisory_activities": [
    "portfolio_management_pooled_vehicles"
  ],
  "wrap_fee_participant": false,
  "disclosure_yes_count": 0,
  "states_registered": [],
  "websites": [
    "https://legalist.com",
    "https://linkedin.com/company/legalist",
    "https://listcapital.com"
  ],
  "iapd_url": "https://adviserinfo.sec.gov/firm/summary/297876",
  "city_as_filed": "SAN FRANCISCO",
  "url": "https://advisorcensus.com/firm/legalist-san-francisco-ca-297876",
  "display_name": "Legalist",
  "summary": "Legalist is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2019, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated June 29, 2026.",
  "citation": "AdvisorCensus. Legalist (CRD 297876): Form ADV filing data as of October 2026.",
  "registration_type_label": "SEC-registered investment adviser",
  "compensation_labels": [
    "A percentage of assets under your management",
    "Performance-based fees"
  ],
  "advisory_activity_labels": [
    "Portfolio management for pooled investment vehicles (other than investment companies)"
  ],
  "quick_answers": [
    {
      "q": "How is Legalist compensated?",
      "a": "On its Form ADV (Item 5.E, October 2026), Legalist reports these compensation arrangements: a percentage of assets under its management; performance-based fees. The amounts are in Item 5 of its Form ADV Part 2A brochure."
    },
    {
      "q": "Where is Legalist located?",
      "a": "Legalist's principal office is in San Francisco, CA, according to its Form ADV; the May 2025 filing also lists 1 other office (Schedule D, Section 1.F)."
    },
    {
      "q": "Is Legalist registered with the SEC or a state?",
      "a": "Legalist is an SEC-registered investment advisory firm, registered since 2019. Status as filed: Approved. CRD 297876."
    },
    {
      "q": "How much does Legalist manage?",
      "a": "Legalist reports $1,915,106,194 in regulatory assets under management in its Form ADV filing dated June 29, 2026 (78% discretionary)."
    },
    {
      "q": "How have Legalist's assets and staff changed since 2021?",
      "a": "In the Form ADV data for Legalist: Regulatory assets under management: $218,680,000 in the October 2021 data and $1,915,106,194 in the October 2026 data, up 776%. Total employees: 20 in October 2021 and 36 in October 2026. Assets under management move with markets as well as with clients coming and going."
    },
    {
      "q": "What types of clients does Legalist serve?",
      "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (15); other (2)."
    },
    {
      "q": "Does Legalist report any disciplinary disclosures?",
      "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/297876"
    },
    {
      "q": "What changed in Legalist's recent Form ADV filings?",
      "a": "In the July 2026 filing data: Regulatory assets under management went from $1,029,016,366 to $1,915,106,194 (+86%). Updated its list of owners and control persons (Schedule A)."
    }
  ],
  "filing_history": [
    {
      "period": "2021-10-01",
      "regulatory_assets_under_management": 218680000.0,
      "total_employees": 20,
      "filing_date": "2021-07-01"
    },
    {
      "period": "2022-10-01",
      "regulatory_assets_under_management": 667521843.0,
      "total_employees": 44,
      "filing_date": "2022-06-29"
    },
    {
      "period": "2023-10-01",
      "regulatory_assets_under_management": 819690627.0,
      "total_employees": 34,
      "filing_date": "2023-09-15"
    },
    {
      "period": "2024-10-01",
      "regulatory_assets_under_management": 973492978.0,
      "total_employees": 33,
      "filing_date": "2024-07-01"
    },
    {
      "period": "2025-10-01",
      "regulatory_assets_under_management": 1029016366.0,
      "total_employees": 36,
      "filing_date": "2025-06-27"
    },
    {
      "period": "2026-10-01",
      "regulatory_assets_under_management": 1915106194.0,
      "total_employees": 36,
      "filing_date": "2026-06-29"
    }
  ],
  "recent_changes": [
    {
      "period": "2026-07-01",
      "period_label": "July 2026",
      "notes": [
        "Regulatory assets under management went from $1,029,016,366 to $1,915,106,194 (+86%).",
        "Updated its list of owners and control persons (Schedule A)."
      ]
    }
  ],
  "fees_from_brochure": null,
  "custodians": [],
  "custodians_note": null,
  "markdown_url": "https://advisorcensus.com/firm/legalist-san-francisco-ca-297876.md",
  "clients": [
    {
      "type": "pooled_investment_vehicles",
      "label": "Pooled investment vehicles (other than investment companies and business development companies)",
      "count": 15,
      "fewer_than_5": false,
      "raum": 1485106194.0
    },
    {
      "type": "other",
      "label": "Other",
      "count": 2,
      "fewer_than_5": true,
      "raum": 430000000.0
    }
  ],
  "disclosure_line": "Reports no disclosure items on Form ADV Item 11.",
  "disclosure_items": [],
  "indexable": true,
  "suppressed": false,
  "claimed": false,
  "enhanced": false,
  "provided_by_the_firm": null,
  "source": {
    "name": "Form ADV",
    "as_of": "2026-10-01",
    "iapd_url": "https://adviserinfo.sec.gov/firm/summary/297876",
    "operator": "BH Monitor Services, LLC",
    "license": "https://creativecommons.org/licenses/by/4.0/",
    "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data"
  }
}