Goodwin Rolls Out Proprietary Venture Financing Tool (Law.com)
Goodwin announced Wednesday the rollout of a proprietary artificial intelligence-powered tool (or “AI” tool) for venture capital financing, as first reported in Bloomberg Law. The tool is intended to be the first of several rolled out as part of a $25 million annual investment in building and buying AI tools. The initiative is being led by the firm’s Chief Digital and Technology Officer Eric Tan, who previously told Law.com of his aim to move Goodwin from “from a technology-enabled law firm into an AI-native firm,” requiring substantial changes to how the firm works in both front- and back-office functions. According to Bloomberg Law’s report, the new tool was built by six associates who stepped away from their conventional legal work to join the project. The attorneys leveraged Codex, OpenAI’s AI-powered coding tool, using conversational prompts to build a tool designed to meet the particular needs of Goodwin’s venture financing process. The new tool itself is built on a modified version of Anthropic’s Claude and is intended to serve as a model for similar software in other practice areas. The report added that Goodwin hopes to have 100 attorneys working full time on developing new AI-powered tools by the end of the year, alongside roughly 100 engineers, designers, and other employees. The new tools are connected to Regina OS, a platform built by the Goodwin’s engineers to connect the firm’s AI tools to its institutional knowledge.