Legal tech · Industry brief

Norm Ai, an AI-native legal services company with both a tech platform and affiliated law firm, raised $120 million in Series C funding at a $1.2 billion valuation led by Khosla Ventures, bringing total funding to over $260 million since founding less than three years ago. The round included participation from Blackstone, Bain Capital Ventures, Craft Ventures, Coatue, Vanguard, and notably former Kirkland & Ellis Chairman Jeff Hammes and Fenwick LLP. Norm Ai operates an agentic law platform where AI engineers and attorneys collaborate to embed law into AI agents, with Norm Law LLP functioning as an AI-native affiliated law firm that prices services based on outcomes rather than billable hours. The company has recruited senior legal talent from major firms including Sidley Austin, Ropes & Gray, and other BigLaw practices, and serves clients representing over $30 trillion in assets under management who are deploying legal AI agents directly within their in-house legal teams.

Norm Ai, a New York-based legal and compliance AI company, announced a $120 million Series C round at a $1.2 billion valuation, led by Khosla Ventures with participation from returning investors Blackstone, Bain Capital Ventures, Craft Ventures, Coatue, Vanguard, New York Life, and TIAA. The company has now raised over $260 million since its mid-2023 founding and joins Harvey and Legora in the legal AI unicorn tier. Norm Ai's distinctive business model combines its AI platform with Norm Law LLP, an affiliated law firm delivering legal services through AI agents supervised by senior attorneys, using outcome-based rather than hourly pricing. Norm Law is chaired by Mike Schmidtberger, former chair of Sidley Austin's executive committee, with partners recruited from major firms including Ropes & Gray, Kirkland & Ellis, Simpson Thacher, Davis Polk, and Latham & Watkins. The Series C funding will support hiring of senior attorneys and AI engineers, expanding Norm Law's practice areas, and developing supervisory agents for regulated enterprise AI deployments, with Blackstone and Bain Capital Ventures among its prominent users representing over $30 trillion in collective assets under management.

Kilpatrick announced the addition of Craig Lilly as a partner and Chair of its West Coast Mergers & Acquisition Practice, effective July 7, 2026. Lilly brings over 35 years of experience in technology acquisitions, mergers, divestitures, and cross-border transactions, previously leading Reed Smith's West Coast M&A group. His appointment marks the second partner addition to Kilpatrick's Menlo Park office within a week and is intended to strengthen the firm's capabilities in Silicon Valley's active M&A market, particularly in technology, private equity, and artificial intelligence matters.