A growing number of law firms are publishing what one can call ‘innovation manifestos’ on their websites, often with their AI capabilities highlighted. Artificial Lawyer took a look at Cooley’s, which also sets out their ‘AI Principles’.
If any law firm is going to publish a set of AI Principles then it’s got to include Cooley, a West Coast-based firm, with a major office in Palo Alto, which is famed for its work in the tech sector. Plus, it describes itself as ‘a law firm for the future’.
So, what are they saying?
First the firm sets out its stall, noting that they have been ‘a leader in leveraging AI’ for some time. Then it outlines the big themes of its AI Principles:
‘Quality, service and trust – We are committed to using AI to enhance the quality of our legal advice and support our continued excellence in client service. We embrace experimentation and change in this rapidly developing area because we believe it is in our clients’ best interests. We are committed to using AI to enhance our client service capabilities globally.
Respect for our clients and our people – We diligence the AI solutions we deploy, and we actively consider not only our immediate goals, but also the long-term impacts of AI on our profession, our clients, our people and society at large – aiming to cultivate sustainable, future-focused outcomes.
Ethical and transparent standards – In implementing AI, we adhere to our ethical, professional and legal responsibilities and apply data security measures to safeguard confidential information. AI vendors are required to comply with all applicable laws and regulations, including with respect to data privacy and security. We understand and acknowledge the capabilities and limitations of AI and work continuously to reduce error and bias and increase transparency.’
So, are these a big deal? Well, the one about data security has to be expected and is something you’d be surprised by if it wasn’t there. The second one, about considering how AI affects the profession and society at large is an interesting addition, especially given the wider concerns about the technology’s societal impact – as well as the lack of any clarity on AI regulation in the US (see story later today). It’s a kind of ‘we get it, we feel your concerns’, type of approach, rather than a ‘move fast and break things’ message.
But, that said, it’s the first principle of how they approach AI inside the law firm that AL likes the most. It states that: ‘We embrace experimentation and change in this rapidly developing area because we believe it is in our clients’ best interests.’
Now, every major law firm these days has an innovation team and tests out new products, but it’s refreshing to hear a firm loudly state: we really like experimenting, we explore, we welcome the new, we are open to real change.
Of course, they then connect this back to the clients by adding they do this because it’s in the clients’ best interests – which it is. But, within that is something unsaid – which is that some firms are reticent to push too hard on the innovation accelerator in case it disrupts their own business, even if doing so might benefit their clients. So, this is saying – again implicitly (or at least that’s how AL is interpreting it) – that they’re prepared to disrupt themselves (perhaps just a bit) to help the clients.
The firm then sets out a collection of things it’s doing, such as how it’s developed its Cooley GO platform, which allows you to generate legal documents – including financing ones; provides learning resources; and includes the Cooley GObot, an ‘AI-powered chatbot to surface Cooley GO’s insights and data’.
They also have IPO GO, designed specifically for clients preparing for an IPO. And they are key members of the Open Cap Table Coalition, a 501(c)(6) organization devoted to ‘bringing interoperability and standardization to the capitalization space’. This includes customizable Series Seed Note documents, available on GitHub, and allows ‘the venture capital community to collaborate and our documents to evolve with the needs of emerging companies and investors’.
They also have developed Vanilla, a secure, cloud-based platform designed for venture capital, private equity, real estate and other private fund managers; and Cooley D+O which helps directors and officers to manage and complete the annual D&O questionnaire process entirely online.
What they don’t mention is how much they’re using AI-based tools to accelerate and/or improve outcomes for some of their higher-value legal work, but this is still a solid commitment overall. Moreover, following the hire of David Wang as Chief Innovation Officer, and then a series of other additions, such as John Scrudato, they’re clearly investing in innovation for real.
Of course, the question is: where is this all going? What’s mentioned above is a solid foundation, but can Cooley and its peers take this further? How much are they prepared to change the core patterns of their business?
Naturally, things holding this back are not just the realities of decades of working in a certain way, but the challenge of AI accuracy. As Wang has highlighted, until you can really rely on AI tools to get you most of the way there on a task, then the efficiency gains are limited.
And let’s end with a statement from Wang that accompanied the AI Principles above:
‘We are seizing an opportunity to build the great firm of the next generation. This mission is not lightly taken and will not be simple or quick, but we are committed to continuously driving toward those higher peaks of excellence and service for our clients.’
You can see more here.
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Artificial Lawyer will be considering the ‘innovation manifestos’ of other leading law firms in the weeks ahead.
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Legal Innovators California Conference, San Francisco, June 11 + 12
If you’re interested in the cutting edge of legal AI and innovation – and where we are all heading – then come along to Legal Innovators California, in San Francisco, June 11 and 12, where speakers from the leading law firms, inhouse teams, and tech companies will be sharing their insights and experiences as to what is really happening.
We already have an incredible roster of companies to hear from. This includes: &AI, Legora, Harvey, StructureFlow, Ivo, Flatiron Law Group, PointOne, Centari, LexisNexis, eBrevia, Legatics, Knowable, Draftwise, newcode.AI, Riskaway, Aracor, SimpleClosure and more.
Cooley, Wilson Sonsini, Baker McKenzie, Gunderson, Ropes & Grey, A&O Shearman and many other leading law firms will also be taking part.
See you all there!
More information and tickets here.
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