By ZANE HILL Staff Reporter
Riding the artificial intelligence wave, downtown-based Haistack.ai launched in September as an expansion of parent company Lateral Link’s business of recruiting for law firms.
The offshoot uses generative AI software to analyze a law firm’s attorneys and practice groups, compiling essentially a dossier of skillsets, experiences, accolades and law schools, among other data points, that reflect the firm.
With that information, Haistack.ai then compares it to attorneys in the lateral-move market and from other firms to identify what they deem to be the ideal candidates for firms using the software.
“The basis of AI is statistical modeling,” explained Michael Heise, chief technology officer for Lateral Link and Haistack.ai. “What we’ve done in how we use AI is we look at the profile of the firm itself. We look at all of the attorneys in it and use the data to create a profile of the firm, what law schools fit in there and what awards and so on. Knowing what a firm does and does not like is really discovered in that profile that we’ve built.”
On top of helping recruit, Haistack.ai is positioning itself as a way for firms to stave off revenue losses resulting from vacancies.
In its announcement, Haistack.ai claimed that, based on its own assessments of associate-level vacancies, Kirkland & Ellis LLP stands to lose $7.8 million in revenue over a 90-day period. Similarly, Sidley Austin LLP faced a $7.57 million loss and Skadden, Arps, Slate, Meagher & Flom LLP could lose out on $4.83 million in the same period.
Overall, Lateral Link claims to have saved its 1,000-plus clients in excess of $200 million thanks to the more than 10,000 placements it has made since its founding in 2006.
“Haistack.ai is more than just a recruitment tool,” Lateral Link and Haistack.ai chief executive Michael Allen said in a statement.
“It’s strategically designed as a revenue-recuperation mechanism, ensuring that every filled position directly correlates to heightened profitability,” Allen added.
Firms buy into the software through a one-year subscription, which is priced according to how many vacancies they’re seeking to fill.
At the moment, Haistack.ai is primarily in the pitching stage for prospective clients.
