Norm Ai raises $120M from Khosla, Blackstone and Bain to take on Harvey and Legora with a new pricing model — TFN

Norm Ai raised $120 million in a Series C at a $1.2 billion valuation, led by Khosla Ventures.

Its affiliated law firm, Norm Law, prices legal work on outcomes rather than billable hours, breaking with the industry’s oldest pricing model.

Senior partners from Kirkland & Ellis, Paul Weiss and Skadden have joined the firm, which also builds AI agents that supervise other companies’ AI systems.

Norm Ai has built something most legal AI startups avoid touching: a law firm that does not bill by the hour.

The New York company raised $120 million in a Series C round led by Khosla Ventures, valuing it at $1.2 billion, with Blackstone, Bain Capital Ventures, Craft Ventures, Coatue, Vanguard, New York Life, TIAA, and law firm Fenwick LLP also participating.