The Norm Bulletin shows that the AI law start-up company, which has been in existence for less than three years, has completed $120 million in C-cycle financing, with a post-investment valuation of $1.2 billion and is in the category of a unicorn. The round, which was led by Khosla Ventures, will be used to continue developing products and to expand the team of lawyers.

Legal services with AI representation

Norm is building an "AI Native" firm, Norm Law. The model is a self-study AI proxy for legal work, supervised by a human lawyer, which provides services to business clients.

The company is also developing another type of AI agent to supervise other AI agents in carrying out their duties. This means that Norm does not just want to use AI to automate the legal process, but is also trying to create a multilayered oversight system to reduce the risk of implementation when an enterprise uses an AI legal tool.

Fees are different from traditional law firms.

Unlike the hourly rate that is common in the legal profession, Norm charges clients on a result-based basis. According to the article, this practice differs significantly from the traditional firm model and also reflects the fact that some AI law firms are trying to market their business law by product-oriented means.

In recent years, the law AI track has been rising. A number of start-ups, including Harvey and Legora, have emerged, with the aim of automating duplication and time-consuming legal work to improve processing efficiency.

Cumulative financing exceeded $260 million

In addition to Khosla Ventures, participants in this round include Bain, Craft Ventures, Coatue, Vanguard, New York Life, TIAA, and former President and former President of Blackstone, COO Tony James, Kirkland & Ellis, Jeff Hammes and Fenwick LLP.

According to corporate disclosures, Norm ' s cumulative financing to date has exceeded $260 million. The new funds will be invested mainly in two areas: continuing to refine products and recruiting more lawyers to support the expansion of their services to business clients.