Legal Tech Firm Rally Showcases GPT-3 AI Contract Writing Assistant Spellbook

on November 10, 2022 at 7:00 pm

Legal technology developer Rally is offering clients an AI assistant for composing contracts using OpenAI’s GPT-3 model that can be embedded in Microsoft Word. The AI ​​tool, named Spellbook, fine-tunes GPT-3 on legal datasets to offer suggestions on improving the language in a contract, summarizing the document to be understandable even to a child, and offering ideas for where negotiation could happen.

Magic Contracts

Spellbook integrates as a Microsoft Word tool with a few options. The AI ​​absorbs the entirety of the contract, which allows users to highlight sections they want to improve and get language suggestions from the AI ​​that consider the context of the whole contract. The tool can also pick out where there is room for negotiation based on the kind of contract being written, highlighting them for the lawyer to consider. For users whose clients aren’t legal experts or who might just want a capsule summary of the contract, Spellbook can generate a short explanation without legalese. The drop-down menu even offers to “explain the contract to a 5-year-old.” among the choices. The button to start working is labeled “cast” to keep with the magical theme of the product. Spellbook is still in early access, but those interested can sign up for the waitlist. Rally counts 110 law firms and 3000 legal entities as clients so the potential reach of Spellbook is quite high.

“We are always experimenting with new technology that can help our customers and have long been looking at ways to leverage AI,” Rally CEO Scott Stevenson said. “We were completely blown away by the results of this project. GPT-3 is extraordinarily powerful. We have never seen anything like this before.”

generative writing

AI-assisted business writing is becoming increasingly popular as GPT-3 and other models are used for writing marketing and advertising copy. That’s not even including the visual side of the equation as DALL-E and other text-to-image services bloom. There’s a lot of money in the generative AI space. Startups are collecting big investment checks or getting acquired on the strength of their generative text, like the $10 million recently raised by Regie.ai for its marketing and business content generator or the $21 million raised by interactive AI writing guide developer Writer. On the much higher end of funding, Grammarly raised a massive $200 million to further develop his own AI writing assistant. And GPT-3 has spawned a whole stable of similar products. Compose.ai raised $2.1 million for a universal auto-complete system, and Copy.ai raised $2.9 million to use GPT-3 to help businesses write advertisements, product descriptions, social media posts, and other text, and new options like Jasper, Phrasee , and Copysmith are popping up at a steady rate. For lawyers Spellbook and other features relying on GPT-3 and other generative AI models may become essential tools, but not ones that will replace the work they do.

“All of this means that, as a lawyer, you will soon need to be skilled in using generative AI to remain competitive. Fortunately, it will also allow you to be more productive and efficient in your work. Stevenson wrote in a blog post about Spellbook. “Lawyers must continue to do their jobs, use good judgment, and avoid relying too heavily on AI while thinking critically about the content that it produces. It won’t do all the work for you, but it will give you marble to carve where you had a blank page before.”

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Eric Hal Schwartz is Head Writer and Podcast Producer for Voicebot.AI. Eric has been a professional writer and editor for more than a dozen years, specializing in the stories of how science and technology intersect with business and society. Eric is based in New York City.

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