NewMods are forming faster than you can say ‘innovating the means of legal production’. The latest entry into the market is Vetta, created by ex-Latham & Watkins lawyer, Nic Vetta. It will focus on private capital and is based in London, but with plans to grow internationally.
Vetta, who spent two years at Latham getting qualified and also had short stints at the Carlyle Group and JP Morgan, said that Vetta the law firm was all about ‘lawyers and engineers working together on day-to-day commercial contracts’, and this meant ‘faster delivery, predictable fees, and a clearer view of the terms, obligations and risks within your business’. What’s not to like?
Commenting on social media, Vetta said: ‘The idea comes from a fairly simple observation, sharpened by six months at the Carlyle Group seeing how portfolio companies operate.
‘Private equity-backed companies are expected to move quickly. They win customers, hire, procure and acquire, and each of those activities produces contracts. Legal resource does not always grow at the same rate.
‘A business may have one in-house lawyer, or none at all, while the number of contracts keeps multiplying. Different teams negotiate different terms. Acquisitions bring in contracts from other businesses. Over time, it becomes harder to answer a basic question: what, exactly, has the company agreed to?
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‘That question is often asked most seriously during a refinancing or sale, when the answer is hardest to change.
‘VETTA is designed to make it easier to answer. We combine elite lawyers and engineers to take responsibility for a company’s commercial contracting for a fixed monthly fee. We negotiate the agreements, and we keep a clear record of the obligations, risks and positions the company has accepted.’
Vetta added that the new firm will focus on really understanding the process of the work they do, i.e. ‘What is repetitive? What can software do reliably? What should stay with the lawyer?’ They will then build workflows to help with this. And as noted, charge a fixed fee.
In terms of future plans – aside from the need for some hires – he added that: ‘We’re London-based today, with our initial practice focused on English law. The longer-term ambition is to build practices in other major legal markets, including the US, with appropriately qualified lawyers in each jurisdiction.’
Is this a big deal?
Well, as AL has been saying – just a few times recently 🙂 – NewMods are growing in number almost faster than legal AI startups are arriving. And in this case, it’s good to see a new model law firm focused on PE and private capital in general. Hopefully, and quite soon, there will be NewMods across every major area of law.
Why is this happening?
Because when you really focus on what AI can do in the legal realm, a ‘new model’ simply makes sense, i.e. fixed fees and making maximum use of AI without the hinderance of having to bill time when using a technology that makes things go faster, and while also keeping skilled lawyers very much part of the firm.
Or as NewMod peer Covenant told AL back in 2025: ‘If AI exists, how would you build a law firm today?’ And AI does indeed exist. So, we will have to explore innovative ways of operating the means of legal production.
Congratulations to Nic!
And as he mentions, if you work in the private capital and PE fields, then get in touch with him. The Vetta website is here.
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