Major asset managers join Norm's $120 million legal AI funding round

Norm, an AI-native legal startup, closed a $120 million Series C at $1.2 billion valuation. Khosla Ventures led; notably, Vanguard, New York Life, and TIAA invested. These asset managers are themselves major buyers of compliance services. Their participation signals confidence in Norm's model—AI agents overseen by human lawyers, billing by outcome rather than hours—from end users, not just venture capitalists.