Cooley has generated billions by recruiting skilled attorneys, charging clients for their time, and delivering strong results. Artificial intelligence is upending this approach. When machines complete tasks in minutes that once required hours from junior lawyers, the question arises about what value clients receive.

Rachel Proffitt offers her perspective on the solution.

During a warm October day in San Francisco, I sat down with Proffitt over a meal to discuss the direction of the international firm she now heads. When the bill came, we had no insight into the wages paid to kitchen staff or the exact time spent on preparation. Payment covered the overall service rather than itemized effort.

She questioned why legal work should follow a different path.

"Clients have never been thrilled about the hours logged on a task. They do not care," she notes. "They seek the final result."

The hourly billing system marks only the start. AI pushes firms to reconsider staffing levels for associates and the training process for new lawyers. Ties with clients evolve as companies apply their own tools to prepare work before sending it out. Some tasks may bypass lawyers entirely.

If technology reshapes law practices, Cooley stands among those best positioned to anticipate changes. From its origins on San Francisco's Market Street, the firm partnered with chip makers and venture investors back when the region featured orchards and processing plants. Cooley developed alongside technology, and it now handles matters for companies like Meta while assisting Andreessen Horowitz with major fundraises.

This path has proven profitable. Cooley reports gross revenue rose from $912 million in 2015 to $2.4 billion in the most recent fiscal year. Its local competitor Wilson Sonsini recorded $1.7 billion in 2025 per The American Lawyer. Yet a gap persists with the biggest players. Kirkland and Ellis led with over $10 billion, while Latham and Watkins reached $8.3 billion.

The coming wave of tech IPOs offers substantial fees for select firms. Gibson Dunn secured SpaceX's offering. Anthropic selected Wilson Sonsini. Cooley is said to share OpenAI's IPO work with Wachtell Lipton.

The contrast stands out. Big Law competes for business from major tech firms even as those same companies develop tools that may transform legal services.

Proffitt advanced under prior practices. Her current role involves defining success for law firms going forward.

'The winner's circle'

Proffitt did not initially aim for a legal career but appreciated the analytical training from law school. Litigation held no appeal due to discomfort with public speaking in practice sessions. "Transactional work was the only option," she recalls.

She began as a summer associate at Wilson Sonsini and advanced to partner. The demanding pace appealed to her, including late nights marking filings manually at printers. She remembers one Christmas Eve when her father noted the absence of work interruptions. After 15 years there, she joined Cooley in 2017.

Three years ago, a surprise call came from home. Joe Conroy, then the chief executive, asked if she would succeed him.

She felt honored yet "somewhat daunted," she says. Her background involved guiding companies such as Unity Software, Procore, and Instacart through funding and public offerings. Leading a firm of 3,000 staff presented a new challenge. After family discussions, she pursued the role and began in 2024.

Proffitt could not have foreseen the rapid impact of AI on the sector. Not long ago, clients barred the technology from their matters over data concerns.

"It became evident we could not stay static and remain leaders," she says.

Cooley had transformed previously. Its Silicon Valley base offered advantages and constraints, as Conroy noted. The firm excelled at early-stage support, yet the assumption was that growing clients would turn to New York firms for major transactions and disputes.

To retain clients through all stages, Cooley expanded offices, strengthened litigation and markets teams, and built ties with banks so it would appear on IPO shortlists.

Its clients now include Nvidia, Uber, Snowflake, and Zoom. Since 2016, Cooley has advised on 183 IPOs raising nearly $59 billion, ranking second by volume after Latham. Proffitt declined to address reports of OpenAI work.

Over 16 years, Conroy advanced Cooley toward what he terms the "winner's circle." Proffitt aims to complete that progress.

Startup pace

Her plan emphasizes operating with the agility of tech clients.

Proffitt brought in David Wang, a former attorney now focused on legal tech, with a broad goal. She sought not only greater efficiency but a shift in client interactions, Wang explained.

Cooley introduced a Legora tool earlier this year allowing Y Combinator founders to review standard contracts independently. OpenAI aided development of an internal tool for IPO paperwork. The firm now collaborates with Google on an AI system to flag confidential data in filings and propose redactions.

Building tools that reduce billable work carries risk, yet Cooley views inaction as greater. Corporate legal departments increasingly handle initial tasks with their own AI. New AI-focused firms promise lower costs and speed.

Established firms respond by investing in tools like Harvey and Legora or developing internal options. Kirkland committed $500 million to custom platforms with Palantir. Latham acquired Nvidia servers for in-house models. Wilson Sonsini offers similar self-service options.

Proffitt sees the main concern as lost opportunities for relationships. A startup using bots for simple contracts today might later need counsel for acquisitions. Without early ties, those connections could fade.

She stresses new engagement methods, including technology access even if it means sharing some work.

"When the next critical matter arises that cannot go to the machine," she says, "how do I ensure the team gets the call?"

The firm adjusts its setup too. Wang heads Cooley AI, a subsidiary meant to move at startup velocity. This structure allows faster hiring and testing without firm-wide delays.

Proffitt notes the technology may free lawyers for more direct client contact, such as in-person visits and strategy discussions.

Sustaining ties could involve traditional networking. When asked about hosting events, she agreed in part. "Everyone enjoys a good gathering," she says.

The future of legal work

Proffitt makes no claim to perfect foresight but shares thoughts.

The billable hour persists for now. She anticipates mixed pricing models including hourly, fixed, and results-based options.

Junior hiring trends remain unclear at this stage.

Training new lawyers grows complex. With AI handling drafts and reviews, practice opportunities shrink. Cooley tests simulated exercises like AI mock depositions for skill building.

Proffitt experienced an era where long hours signaled commitment. She expects fewer such demands for future lawyers. Her approach will face evaluation when current juniors reach partner level in about ten years.

Success in updated training could render old habits obsolete. Failure would leave technology insufficient to bridge gaps.