By Anshika Mathews · AIM Media House
Blackstone has invested 50 million dollars in Norm Ai, a legal and compliance technology startup that is simultaneously launching an independent law firm built around its artificial intelligence platform.
The New York-based firm, Norm Law LLP, will use Norm Ai’s technology to handle legal work for Blackstone and other financial services clients, founder and CEO John Nay said. Norm Ai develops AI agents that help corporate legal and compliance teams automate standards-based regulatory reviews.
The company says it has deployed thousands of these agents inside large global financial institutions, collectively covering more than 30 trillion dollars in assets under management.
Since its 2023 launch, the startup has raised over 140 million dollars across funding rounds backed by Blackstone, Coatue, Bain Capital, Vanguard, Citi, New York Life, TIAA, Craft Ventures, Henry R. Kravis, and Marc Benioff.
Blackstone, which has participated in two prior rounds, will work closely with Norm Law “to identify legal services that Blackstone procures that could benefit from an AI-native approach,” chief technology officer John Stecher said in emailed comments.
Nay said the decision to create an affiliated law firm emerged because many Norm Ai customers were relying on outside counsel for work that was “adjacent to, but relevant to, the work we were doing.” Norm Law will remain independently owned in line with rules that bar non-lawyers from owning legal practices.
The firm will generate revenue from its own clients and will pay Norm Ai for access to its technology. Norm Law launches with only “a handful” of lawyers, though the firm plans to hire senior associates and partners in the coming months. Nay declined to identify current attorneys.
An advisory committee guiding the firm’s buildout includes former U.S.
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