The Legal Services Industry: A Billion-Dollar Market in Need of Change
The legal services industry is a multi-billion-dollar market that has remained largely unchanged for decades. Private market investors are shouldering the burden of slow, expensive legal processes that delay critical investment decisions. Institutional investors managing trillions of dollars in assets face increasing complexity and compliance burdens across their portfolios. However, this landscape is set to change with the emergence of Covenant, the first AI-powered law firm built exclusively for private market investors.
What Sets Covenant Apart
Covenant is an AI-powered law firm that combines advanced artificial intelligence with expert legal oversight to deliver document analysis 5x faster than traditional firms while maintaining the same high-quality standards. The platform offers specialized tools, including:
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- LPA review
- Most Favored Nation (MFN) election analysis
- Fund manager due diligence capabilities
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These tools are designed to meet the specific needs of private market investors, who demand radically faster, more cost-effective legal work that doesn’t compromise on accuracy or security.
From Private Market Investors to AI-Powered Law Firms
The founders of Covenant, Jen Berrent and Richard, drew from their experiences in the private market. Berrent, former Chief Legal Officer and COO of WeWork, knew the challenges of scaling a business while dealing with slow, expensive legal processes. Richard, who ran legal and compliance at CVC, a global private equity firm, understood the investor’s perspective when faced with legal review bottlenecks.
Revolutionizing Legal Services
Covenant’s mission is to empower private market investors by providing them with radically smarter contracts. The platform achieves this through the integration of advanced AI workflows with human legal oversight, ensuring that clients receive high-quality results while moving faster and spending less.
What Makes Covenant Different
Covenant stands out from other legal tech tools that simply layer LLM applications. The AI-powered law firm combines proprietary AI workflows with human legal oversight, producing outputs that are not only more accurate but also more resilient. Covenant’s ensemble of foundational models is designed to ensure the highest standards of accuracy and security.
Over the next six months, Covenant plans to scale to meet growing client demand while deepening the capabilities of its platform. The key milestones include:
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- Expanding the product suite for private market investors
- Continuing to hire experts in engineering and law to build with speed and precision
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| Year | Client Roster |
|---|---|
| 2024 | $200B in assets |
| 2025 (Projected) | $500B in assets |
| 2026 (Projected) | $1B in assets |
Covenant’s ambitious plans aim to revolutionize the legal services industry, making it more efficient, cost-effective, and secure for private market investors.
We spoke with Jen Berrent, CEO and Co-Founder of Covenant, to gain insights into the business, its future plans, recent funding, and more. Here are some key takeaways:
“We saw the inefficiency from opposite sides of the table. I had spent years scaling WeWork as Chief Legal Officer and COO, so I knew what it was like to be an operator, trying to move fast but being slowed down by traditional legal processes. Richard, meanwhile, ran legal and compliance at CVC, one of the largest private equity firms globally, so he knew how investors felt when legal review became a bottleneck that cost time and money.”
“Our mission is simple: with Covenant, private market investors should be radically smarter.
