They quit Cohere to go into law. They say their new firm can avoid Weil's fate. (www.businessinsider.com)

Founders of Blackletter, a new Canadian legal tech firm, have raised $6 million in seed funding to reinvent legal services by integrating artificial intelligence with traditional law practices. The investment was led by Lerer Hippeau and includes notable backers like Cohere's founders. Blackletter aims to provide businesses with legal services for flat fees, contrasting with the traditional billable hours model. The firm's technology leverages large language models to streamline the drafting and negotiation of routine corporate contracts and manage transactions efficiently, allowing them to serve over 75 clients, including Fanatics and Ada. This development comes in the wake of the collapse of legacy firms like Weil Gotshal, highlighting the vulnerabilities in traditional models where client relationships can suddenly erode. By focusing on delivering results tailored to clients' business needs rather than relying on individual partners, Blackletter positions itself as a resilient alternative in the legal sector. The co-founders, with strong backgrounds in AI and law, seek to create a major player in the legal market of the future—one that will thrive through technological advantages. Blackletter's innovative approach reflects a notable shift in how legal services are structured and delivered, potentially influencing the broader landscape of legal practice.