AI could eat Big Law's billable hours. Cooley's boss says bring it on.
Rachel Proffitt came up in Big Law through the traditional model. Now she's responsible for figuring out what replaces it.
Cooley LLP, a prominent global law firm, foresees a future where artificial intelligence could disrupt traditional billable hour practices. Rachel Proffitt, the firm's new CEO, believes clients should focus on the outcomes rather than the hours spent on tasks. AI is prompting Cooley to reconsider its workforce dynamics and training methods for young lawyers.
Client relationships are evolving as businesses utilize software to pre-emptively address matters they intend to delegate to outside counsel. Some tasks may even bypass human lawyers entirely. Cooley, with its deep roots in the tech industry, is uniquely positioned to navigate this transformation. The firm's revenue has skyrocketed from $912 million in 2015 to $2.4 billion last fiscal year, while its competitors have also seen significant growth.
Despite Cooley's substantial success, it still lags behind revenue giants like Kirkland & Ellis and Latham & Watkins. Proffitt, who once worked at Wilson Sonsini, aims to revolutionize Cooley by making it more agile and client-centric, similar to the tech companies it serves.
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