Spellbook is an AI Contract Drafting & Review tool developed by Rally Legal. It is designed to assist legal professionals in drafting and reviewing contracts by leveraging OpenAI’s GPT-3 language model. GPT-3 is a large language model trained on a vast amount of data from books and the internet, and Spellbook is further tuned on legal datasets for optimal contracting performance [1].
Spellbook can instantly draft new clauses and entire sections based on the context of an agreement, detect aggressive or unusual terms, and suggest important language and clauses that may be missing. It is currently available only for legal professionals, and its output should always be reviewed by a lawyer. The tool is designed to help professionals work much more efficiently, with some users even reporting up to 3x faster drafting and review process [2].
Spellbook is available as an add-in for Microsoft Word, which allows users to generate term summaries, adjust language, and more. Additionally, the AI can read an entire contract and draft an email providing an overview of the contract and potential risks [3].
The service has received positive feedback from legal professionals, with some referring to it as a “must-have tool” for drafting contracts smarter and faster. Overall, Spellbook is a powerful AI tool designed to support legal professionals in their contract drafting and review processes, making their work more efficient and accurate.
Wow, I just stumbled upon Spellbook and it sounds like an absolute game-changer for legal professionals! Imagine having an AI-powered sidekick that can whip up contract clauses faster than you can say “objection.” Plus, it’s like having a built-in double-checker to catch any sneaky terms or loopholes. Sign me up for that peace of mind! It’s like having a legal eagle on your shoulder, guiding you through the contract jungle. And hey, anything that speeds up the paperwork process and lets us get back to the real work sounds like a win-win to me. Cheers to smarter, faster contracts!