OpenAI has entered a new agreement with law firm Willkie Farr & Gallagher for developing and deploying AI solutions to legal tasks. This deal would be the company’s largest legal industry partnership in the past few months.
OpenAI To Develop Custom Legal AI Tools For Wilkie
The latest partnership comes as OpenAI expands its general-purpose AI efforts into specialized offerings for professional services. Recently, many law firms are adopting AI systems that can accelerate research, drafting, and internal knowledge management. Hence, the collaboration between OpenAI and Wilkie doesn’t come as a suprise.
Under this initiative, Willkie aims to leverage its legal expertise and OpenAI’s tech to develop tools specifically designed for lawyers. Additionally, the firm is committed to improve its efficiency as AI transforms legal processes.
OpenAI’s legal products leader Jason Boehmig and the founder of legal technology firm Ironclad said the project was the most advanced of the legal AI initiatives the company is working on, per a Bloomberg report. Boehmig was recruited by the company earlier this year to bring the firm’s products tailored specifically for lawyers to the market.
This partnership marks Willkie’s entry into a growing group of top-tier firms adapting to AI and transforming legal operations. Companies are in a hurry to store up institutional knowledge and to minimize repetitive tasks for lawyers.
Recently, OpenAI also teamed up with Visa to enable ChatGPT payments to facilitate shopping tasks.
Inside Sam Altman’s $1 Trillion IPO Dream
The announcement is particularly timely as OpenAI is also readying itself for one of the biggest public offerings on Wall Street. Last month, OpenAI submitted paperwork for a public offering in a confidential manner.
And now, Chief Executive Sam Altman reportedly is eyeing $1 trillion valuation. This has been a hot topic of discussion among investors and advisors. His prediction is not completely baseless as the AI firm is worth around $852 billion after the latest funding round this year. Also, the gigantic SpaceX IPO at $1.77 trillion valtaion last month has fueled hopes for OpenAI’s bullish debut as well.
Some advisors prefer to see the company at a lower valuation if it goes public this year, reports said. Others think that postponing the IPO until 2027 would be more favorable for OpenAI’s lofty goal. Also, despite Elon Musk’s SpaceX witnessing initial success, the SPCX stock declined almost 45% in the previous few weeks, which has weakened OpenAI outlook too.
The announced timeframe has also gained the interest of one of OpenAI’s main investors, SoftBank. The Japanese investment giant is the one that funded part of its investment in Sam Altman’s firm with a $40 billion bridge loan.
The loan will be repaid in March 2027. The initial estimates had been for an OpenAI listing before that. A delay could make it difficult for SoftBank’s financial planning.
OpenAI, however, seems to be more intent on securing the valuation it wants, and not rushing to the public markets. The company’s industry partnerships are in the works, and IPO talks are ongoing.
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