The AI law start-up company Norm completed $120 million in financing, and Khosla Ventures won

On 7 July, according to Bloomberg, AI Law Starter Norm raised $120 million in a new round of financing, valued at $1.2 billion. This round of financing was led by Khosla Ventures, Blackstone, Bain Capital Ventures and Coatue Management. Norm has accumulated over $260 million to date. Founded in 2023, Norm is one of the first companies to increasingly use AI to help legal professionals draft documents, conduct research and review contracts. Other companies, including Anthropic and Harvey, have also launched AI smarts and software for lawyers. Unlike competitors who sell software to firms, Norm created its own firm, Norm Law, to provide AI-driven legal services directly to clients. Based on the results, the firm charges clients instead of using the hourly billing model common in the legal profession, with the aim of better reflecting the value of the services provided。