CHANCERY: Evaluating corporate governance reasoning capabilities in language models

Law has long been a domain that has been popular in natural language processing (NLP) applications. Reasoning (ratiocination and the ability to make connections to precedent) is a core part of the practice of the law in the real world. Nevertheless, while multiple legal datasets exist, none have thus far focused specifically on reasoning tasks. We focus on a specific aspect of the legal landscape by introducing a corporate governance reasoning benchmark (CHANCERY) to test a model's ability to reason about whether executive/board/shareholder's proposed actions are consistent with corporate governance charters. This benchmark introduces a first-of-its-kind corporate governance reasoning test for language models - modeled after real world corporate governance law. The benchmark consists of a corporate charter (a set of governing covenants) and a proposal for executive action. The model's task is one of binary classification: reason about whether the action is consistent with the rules contained within the charter. We create the benchmark following established principles of corporate governance - 24 concrete corporate governance principles established in and 79 real life corporate charters selected to represent diverse industries from a total dataset of 10k real life corporate charters. Evaluations on state-of-the-art (SOTA) reasoning models confirm the difficulty of the benchmark, with models such as Claude 3.7 Sonnet and GPT-4o achieving 64.5% and 75.2% accuracy respectively. Reasoning agents exhibit superior performance, with agents based on the ReAct and CodeAct frameworks scoring 76.1% and 78.1% respectively, further confirming the advanced legal reasoning capabilities required to score highly on the benchmark. We also conduct an analysis of the types of questions which current reasoning models struggle on, revealing insights into the legal reasoning capabilities of SOTA models.

Open Deep Search: Democratizing Search with Open-source Reasoning Agents

We introduce Open Deep Search (ODS) to close the increasing gap between the proprietary search AI solutions, such as Perplexity's Sonar Reasoning Pro and OpenAI's GPT-4o Search Preview, and their open-source counterparts. The main innovation introduced in ODS is to augment the reasoning capabilities of the latest open-source LLMs with reasoning agents that can judiciously use web search tools to answer queries. Concretely, ODS consists of two components that work with a base LLM chosen by the user: Open Search Tool and Open Reasoning Agent. Open Reasoning Agent interprets the given task and completes it by orchestrating a sequence of actions that includes calling tools, one of which is the Open Search Tool. Open Search Tool is a novel web search tool that outperforms proprietary counterparts. Together with powerful open-source reasoning LLMs, such as DeepSeek-R1, ODS nearly matches and sometimes surpasses the existing state-of-the-art baselines on two benchmarks: SimpleQA and FRAMES. For example, on the FRAMES evaluation benchmark, ODS improves the best existing baseline of the recently released GPT-4o Search Preview by 9.7% in accuracy. ODS is a general framework for seamlessly augmenting any LLMs -- for example, DeepSeek-R1 that achieves 82.4% on SimpleQA and 30.1% on FRAMES -- with search and reasoning capabilities to achieve state-of-the-art performance: 88.3% on SimpleQA and 75.3% on FRAMES.