Norm AI Raises $120M Series C to Scale AI-Native Law Firm Norm Law

Norm AI closed a $120 million Series C led by Khosla Ventures, with Blackstone, Bain Capital Ventures, and Coatue participating, to extend its regulatory AI agent platform and its AI-native law firm Norm Law — which targets regulatory compliance for financial services clients. The round brings Norm into the elite tier of legal AI capitalisation alongside Harvey and Manifest OS, and its dual structure — a software platform and an operating law firm — makes it an unusual test case for whether AI-native legal service delivery can scale as an integrated business. The addition of Blackstone as an investor is notable given the firm's position as both a major legal consumer and a capital allocator; it suggests strategic as well as financial interest. Norm Law now sits with clear ABS program credentials from Arizona, validating non-lawyer ownership at scale.