Despite the recent controversy surrounding the lawyer who was disciplined for using ChatGPT in his casework, Spellbook AI claims to be changing the landscape of legal work.
Spellbook AI provides an AI toolset designed to streamline the tedious process of drafting and reviewing contracts. The platform can suggest terms and conditions and precise wording. It can also instantly draft new clauses and entire sections based on the context of the two parties' agreement.
In addition, Spellbook AI can identify overly aggressive terms for negotiation, and it lists missing clauses and definitions to ensure all bases are covered.
The tool works similar to Wisebot AI. However, Wisebot promises to create entire contracts from scratch, while Spellbook is a tool that integrates into the workflow of existing contracts. Spellbook's biggest advantage is that it's one of the few GPT-4-powered tools specifically integrated with Microsoft Word.
Auto Due-Diligence
The tool has been trained on billions of lines of legal text to instantly suggest language for contracts. In the future, the company plans to use wealth data to train it.
In addition, Spellbook AI doesn't just understand contracts; it has been trained on Wikipedia, books, and the Internet, so it can reference facts about the world, providing a more holistic perspective on contract review and drafting. However, sources like Wikipedia cannot be relied upon for accuracy.
A key feature coming soon is Auto Due Diligence. The promise is to automatically identify the most pressing issues in the corporate world and ensure they are properly thought through and implemented in the contract.
A perfect use case for the tool would be to pair it with Ferett AI, a due diligence tool for people and networks. This would provide a double layer of security, ensuring that the user is not doing business with untrustworthy partners and that even those who pass Ferett AI's tests are signed to a watertight contract.
Founders
Spellbook was founded by Scott Stevenson, a computer engineer from the University of Newfoundland, and Matt Mayers. Myers studied computer engineering at McGill, but brings his background in UX design to the team.
Since 2017, their first-hand experience with the intricacies and challenges of legal work has spurred them to create a tool that makes lawyers' lives easier.
Pricing
For information on Spellbook AI's pricing model, interested parties are encouraged to contact the company directly. They currently intend to offer a usage credit system rather than a flat-rate subscription. You can try it for free here.
With over 600 legal teams currently using Spellbook AI and over 54,000 people on the waiting list, there's clearly a lot of interest in this tool and its promise to revolutionize the way legal professionals draft and review contracts.
