I am very excited about the recent launch of “Cooley GO Public,” an AI-powered tool – developed with OpenAI – designed to help the firm with the IPO process. Cooley’s David Peinsipp was interviewed by Law.com about this groundbreaking development – here’s an excerpt:
“The decision to develop a proprietary tool followed a period of experimentation by the firm’s capital markets attorneys and reflected the practice’s desire to use a tool that produces responses that resemble the S-1 forms the firm has successfully worked on in the past.
Once the practice decided to develop a custom tool, it began to work with Cooley’s innovation team, which partnered with OpenAI to develop the application. Partners and associates with the practice group performed beta testing and provided feedback to the innovation team, which worked directly with OpenAI engineers sent to the firm to build the final product on top of ChatGPT Enterprise.
Given the requirements of the SEC review process, the introduction of GO Public may have a limited impact on the start-to-finish time of completion for the IPO process.
However, Peinsipp said the process of drafting the S-1 itself could be shortened by up to a month, allowing the firm’s attorneys to devote more time to responding to SEC comments and addressing challenging issues while lowering the time commitment required of company executives.
The reduced drafting time may change the skill sets required in the practice, and Peinsipp said he expects the group will need to adjust in how it trains associates. However, he noted that the shift in emphasis would not result in a lack of a work for the practice’s lawyers.
‘Every time we hear rumors of [AI] wiping out legal, you’re reminded that there’s a data room over there that nobody can see [full] of confidential information,’ he said.”
Authored by
Broc Romanek