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Overall, is this a big deal? Yes. AL sees Covenant with its ‘AI is the leverage’ strategy as in effect the law firm of the future. Perhaps one day many more law firms will operate like this. Now with the data sharing with the clients they’ve taken their thinking one step further, allowing clients to make use of key information that is often lost – and which then leads to expensive ‘start from scratch’ scenarios.

"Covenant has helped scale and reduce TIFF's legal diligence while lowering cycle times, giving our teams fast, verified answers when it matters most," said David Snow, CTO at TIFF Investment Management. "We look forward to partnering with Covenant 2.0 where we expect even deeper portfolio analytics."

"Rapidly evolving AI is giving rise to a new kind of law firm: one where artificial intelligence is not just a cost-saving tool but is integral to how the firm operates… Covenant, which advertises itself as an AI law firm for private markets, said last week that it had raised $4 million in seed funding." - Kaustuv Basu, senior enterprise reporter and Evan Ochsner, reporter at Bloomberg Law

“This isn't just part of the broader funds tech trend…It also reflects a new model we’re seeing more of: law firms using generative AI to drive their own product development. Most of the activity in this space so far has come from tech vendors. Covenant blurs that line and that’s noteworthy." - Nicola Shaver, CEO and co-founder of Legaltech Hub

"Funding for legal technology companies surged 44% year-over-year to about $3.56 billion in the first half of 2025... thanks in part to general-purpose artificial intelligence platforms for lawyers." - Matt Perez, reporter at Law360

"Just as TurboTax made many Americans question whether they really needed an accountant, Covenant aims to give private market investors a reason to ask whether Big Law's invoices are still worth it." - Melia Russell, reporter at Business Insider