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Norm Law, an AI-native law firm, has appointed John Budetti as partner and co-head of global private capital funds. Budetti joins from Kirkland & Ellis and other AmLaw 20 firms, bringing two decades of experience advising private capital sponsors on fund formation, fundraising, and secondary transactions. He has led more than $100 billion in transactions by value. The appointment follows Norm Ai's $120 million Series C funding round at a $1.2 billion valuation, led by Khosla Ventures. Norm Law operates on Norm Ai's technology platform, combining AI agents with attorney oversight whilst pricing by outcome rather than billable hours. "John is exactly the kind of partner we are building Norm Law around," said Mike Schmidtberger, chairman of Norm Law and former chair of Sidley Austin's executive committee.

Delaware is proposing a new legal entity called the Artificial Intelligence Company (AIC) to govern autonomous AI agents conducting business. Secretary of State Monica Patibanda-Sanchez is partnering with Norm Ai to develop the framework. AICs would be separate legal entities managed by AI agents capable of contracting, holding property, and incurring obligations. They will initially operate within a regulatory sandbox overseen by a committee including Delaware's Secretary of State, Attorney General, and Chief Justice. Each AIC requires adequate capitalisation and must disclose its autonomous nature to counterparties. The single human or entity member faces liability for undercapitalisation or fraudulent activity. Banking operations are excluded. The pilot program will run for 30 months before Delaware's General Assembly decides on permanent legislation. Officials can suspend or dissolve AICs that violate rules.

Norm Ai raises $120M at a $1.2B valuation to build AI-native law. Norm Ai has raised a $120M Series C at a $1.2bn valuation, led by Khosla Ventures. Its twist: rather than sell software to law firms, it runs its own. July 7, 2026 - 4:19 pm Most AI legal startups sell software to law firms. Norm Ai built its own firm instead, and investors just valued the bet at $1.2 billion. Norm Ai has raised $120 million in a Series C round that values the New York startup at $1.2 billion, Bloomberg first reported. Khosla Ventures, an early backer of OpenAI, led the round, with Blackstone, Bain Capital Ventures, and Coatue joining. The company has now raised more than $260 million in under three years. A law firm, not just a tool. Founded in 2023, Norm sits in a crowded field. Startups such as Harvey, and model makers such as Anthropic, are all racing to sell AI that drafts documents, runs research, and reviews contracts for lawyers. Norm took a different route. It did not sell software to law firms. Instead it launched its own affiliated firm, Norm Law, that acts as outside counsel to clients. AI agents do much of the work, and senior attorneys supervise them. The | of EU tech The pricing breaks with tradition too. Norm Law charges by outcome, not by the billable hour. CEO John Nay argues that this ties the firm's incentives to the client rather than to the clock. Agents that watch other agents. The bigger idea may be oversight. Norm is building AI agents that monitor other AI systems in regulated industries. Say a company uses an agent to give investment or medical advice. Norm's technology can then sit on top as a compliance check. That places it in a fast-growing niche. Other funded startups already stress-test AI agents and police them for security. The bet is that the next wave of AI spending goes on keeping the first wave in line. Why it matters. Norm says clients managing more than $30 trillion in assets already use its tools. That reach helps explain the investor appetite. It also lands as AI pushes deeper into regulated financial work that once looked untouchable. The wager is that law is the ultimate high-stakes test for AI. Get an answer wrong here and the bill is a lawsuit, not a typo. Whether a firm run partly by software can win the trust of the most cautious clients, and hold it, is the open question. The Series C buys Norm time to prove it can.