Cooley has made billions doing what law firms do: hire great lawyers, bill for their time, and keep clients happy. Artificial intelligence is scrambling that formula. If machines can do in minutes what once took an associate hours, what exactly should clients be paying for? Rachel Proffitt thinks she has the answer. On a toasty October afternoon in San Francisco, I met Proffitt for lunch to talk about the future of the global law firm she now leads.

When the check arrived, neither of us knew how much the restaurant paid the dishwasher or how many minutes the chef spent preparing our meal. We were paying for the experience, not the labor behind it. Why, she wondered, should legal services be so different? "Clients have never been excited about the fact that it took us 82 hours to do something. They don't care," she says. "They just want the outcome. They want the results." The billable hour is only the beginning. AI is forcing law firms to rethink how many associates they really need and how those young lawyers learn their craft.

Client relationships are changing as companies use software to get a head start on the work they send to outside counsel. Some of that work may never reach a lawyer at all. If tech is about to reinvent law firms, Cooley should be one of the firms with the clearest view of what's coming. From its early days on San Francisco's Market Street, it worked with semiconductor manufacturers and venture capitalists when the valley was still covered in fruit trees and canneries.

Cooley grew up alongside the tech industry, and today it is as comfortable defending Meta in court as it is helping Andreessen Horowitz round up billion-dollar funds. That evolution has been lucrative. Cooley says its gross revenue jumped from $912 million in 2015 to $2.4 billion last fiscal year. Its crosstown rival, Wilson Sonsini, brought in $1.7 billion in 2025, according to The American Lawyer. Still, the gulf between Cooley and Big Law's largest firms remains enormous.

Kirkland & Ellis, the industry's revenue leader, cracked $10 billion last year. Latham & Watkins, another go-to firm for Silicon Valley, hit $8.3 billion. The next wave of tech public listings promises a fortune in legal fees for the chosen few. Gibson Dunn landed SpaceX's IPO. Anthropic tapped Wilson Sonsini for its coming listing. And Cooley is reportedly sharing OpenAI's IPO work with Wachtell Lipton, one of Wall Street's most formidable law firms.

The irony is hard to miss. Big Law is fighting for a piece of the biggest technology companies in the world, even as those companies build the tools that could upend the business of law itself. Proffitt came up as a lawyer under the old rules. Her next task is to figure out what it will take to build a great law firm under the new ones. Profitt didn't grow up wanting to be a lawyer but liked how law school taught her to think. Litigation was out of the question: Public speaking during mock trials made her stomach turn.

"It was transactional law or bust," she says. She started her career as a summer associate at Wilson Sonsini and worked her way up to partner. She fell in love with the intensity of the work, pulling all-nighters at the financial printers where she marked up securities filings by hand. She recalls the Christmas Eve when her father marveled that she had made it through the day without taking a work call. After 15 years at the firm, she left for Cooley in 2017. Three years ago, Proffitt got a call at home that she didn't see coming.

Joe Conroy, then Cooley's chief executive, wanted to know whether she would consider succeeding him. She was flattered, but also "a bit terrified," she says. She spent two decades helping startups, including Unity Software, Procore, and Instacart, raise money and go public. Running a firm with 3,000 employees was another matter. She talked to her family, then put herself forward for the job. She started in 2024.

Proffitt couldn't have guessed how quickly AI would jolt her industry from its steady state. It wasn't too long ago that clients insisted that the technology go nowhere near their work, fearing what would happen if their data disappeared into someone else's model. "It was clear to me then that we don't get to just exist as we are and continue to be at the top of our game," she says.

Cooley had remade itself once before. The firm's Silicon Valley roots were both a strength and a liability, said Conroy in an interview. Cooley was known for helping startups get off the ground. The conventional wisdom was that as those companies grew, they would graduate to one of the elite New York law firms for their biggest deals and courtroom battles. To keep clients from the garage to the boardroom, as Conroy put it, Cooley needed to expand. It opened new offices and built out its litigation and capital markets practices. The firm also spent years courting Wall Street banks, says Proffitt, so that when a company asked which law firm to hire for its IPO, Cooley would make its shortlist.

Today, its client roster reads like a Kiplinger roundup of hot tech stocks: Nvidia, Uber, Snowflake, and Zoom, to name a few listings it worked on. Since 2016, Cooley has advised issuers on 183 IPOs that raised nearly $59 billion, making it the second-most active firm by deal count after Latham, according to Deal Point Data.

Proffitt wouldn't discuss reports that Cooley has landed OpenAI's IPO work. For 16 years, Conroy pushed Cooley toward what he calls Big Law's "winner's circle." Proffitt's job is to get it there. Her strategy starts with making Cooley move more like the tech companies it represents.

Proffitt recruited David Wang, a former lawyer turned legal technology executive, with an ambitious mandate. She didn't just want to make Cooley's lawyers more productive, Wang said in an interview. She wanted to change how clients interact with them altogether.

Earlier this year, Cooley launched a tool with the startup Legora that lets Y Combinator founders review common contracts without calling a lawyer. OpenAI helped it build a tool for Cooley's lawyers to prepare paperwork for companies going public. Next, Cooley is working with Google on an AI agent that scans documents for confidential information before they're filed in court, then suggests redactions for lawyers to review.

There's something almost cannibalistic about a law firm building software that could eat into its own billable hours. But Cooley sees a bigger risk in letting someone else do it. In-house legal teams are increasingly using chatbots to take the first crack at work they would otherwise send to outside counsel. A new breed of "AI-native" law firms is promising cheaper, faster services. Big Law does not want to be caught flatfooted. Firms are throwing money at startups like Harvey and Legora, and increasingly, they're building their own technology.

Kirkland has committed $500 million to proprietary software, starting with a platform for private equity fundraising built with Palantir. Latham bought its own Nvidia servers so it can customize models in-house. Like Cooley, Wilson Sonsini has self-service tools that let companies handle basic legal work. For Proffitt, the danger isn't lost billable hours. It's the missed connections.

The scrappy startup that needs a contract reviewed today might need help closing an acquisition later. But if the bots take care of the small stuff, Cooley could miss its chance to build the relationship. Proffitt says Cooley must find new ways to connect with clients. Putting technology in their hands is one option, even if it means giving away a little of the work. "When you need the next thing that matters, the thing that you don't trust to put into the machine," she says, "how do I ensure that you want to talk to our team?" The firm is also rethinking its own structure for the new era.

Wang now leads Cooley AI, a wholly owned subsidiary designed to operate at something closer to startup speed. The separate company gives his team more freedom to hire engineers and put new technology through its paces, he says, without getting bogged down in the parent firm's bureaucracy. The irony, Proffitt says, is that all this technology could leave lawyers with more time for the human stuff. Lawyers may visit their clients more. Talk through thorny decisions. Drop in on the strategy session to learn how their advice fits into a client's business.

Keeping those relationships alive might require a little more old-fashioned schmoozing. When I asked Proffitt whether the answer was throwing great parties, she didn't entirely disagree. "Everyone loves a party," she says. Proffitt doesn't pretend to have a crystal ball. She has ideas, though. The billable hour? Not dead yet. She expects law firms to offer clients a menu of pricing options, from hourly rates to flat fees and outcome-based pricing. Hiring slowdowns at the junior level? "Too early to tell," she says.

The apprenticeship model? That gets trickier. If software can write first drafts and spot issues, how will young lawyers get the practice they need? Proffitt says Cooley is exploring ways for associates to sharpen their skills on simulated legal matters, starting with AI-powered mock depositions. Proffitt came up in an era when canceled dinners and all-nighters were a badge of honor. She's betting that the next generation won't need quite so many of them to become great lawyers.

Her test will come a decade from now, when today's junior associates are ready to make partner. If Cooley has found a better way to teach them, perhaps the old model won't be missed. If it hasn't,