Does It Tie Out? Towards Autonomous Legal Agents in Venture Capital

Before closing venture capital financing rounds, lawyers conduct diligence that includes tying out the capitalization table: verifying that every security (for example, shares, options, warrants) and issuance term (for example, vesting schedules, acceleration triggers, transfer restrictions) is supported by large sets of underlying legal documentation. While LLMs continue to improve on legal benchmarks, specialized legal workflows, such as capitalization tie-out, remain out of reach even for strong agentic systems. The task requires multi-document reasoning, strict evidence traceability, and deterministic outputs that current approaches fail to reliably deliver. We characterize capitalization tie-out as an instance of a real-world benchmark for legal AI, analyze and compare the performance of existing agentic systems, and propose a world model architecture toward tie-out automation-and more broadly as a foundation for applied legal intelligence.

A Practical Introduction to Deep Reinforcement Learning

Deep reinforcement learning (DRL) has emerged as a powerful framework for solving sequential decision-making problems, achieving remarkable success in a wide range of applications, including game AI, autonomous driving, biomedicine, and large language models. However, the diversity of algorithms and the complexity of theoretical foundations often pose significant challenges for beginners seeking to enter the field. This tutorial aims to provide a concise, intuitive, and practical introduction to DRL, with a particular focus on the Proximal Policy Optimization (PPO) algorithm, which is one of the most widely used and effective DRL methods. To facilitate learning, we organize all algorithms under the Generalized Policy Iteration (GPI) framework, offering readers a unified and systematic perspective. Instead of lengthy theoretical proofs, we emphasize intuitive explanations, illustrative examples, and practical engineering techniques. This work serves as an efficient and accessible guide, helping readers rapidly progress from basic concepts to the implementation of advanced DRL algorithms.

Combining Teacher-Student with Representation Learning: A Concurrent Teacher-Student Reinforcement Learning Paradigm for Legged Locomotion

Thanks to the explosive developments of data-driven learning methodologies recently, reinforcement learning (RL) emerges as a promising solution to address the legged locomotion problem in robotics. In this manuscript, we propose a novel concurrent teacher-student reinforcement learning architecture for legged locomotion over challenging terrains, based only on proprioceptive measurements in real-world deployment. Different from convectional teacher-student architecture that trains the teacher policy via RL and transfers the knowledge to the student policy through supervised learning, our proposed architecture trains teacher and student policy networks concurrently under the reinforcement learning paradigm. To achieve this, we develop a new training scheme based on conventional proximal policy gradient (PPO) method to accommodate the interaction between teacher policy network and student policy network. The effectiveness of the proposed architecture as well as the new training scheme is demonstrated through extensive indoor and outdoor experiments on quadrupedal robots and point-foot bipedal robot, showcasing robust locomotion over challenging terrains and improved performance compared to two-stage training methods.