Legaltech company Rally has launched a new AI add-in for Word called Spellbook, including a demonstration of its ability to suggest new language in contracts.
Spellbook is powered by OpenAI, the company behind tools like DALL·E - the popular AI image generator that has taken social media by storm. Spellbook uses OpenAI's GPT-3 large language model: an AI trained on 45 terabytes of data from books & the Internet. Spellbook is further tuned on legal datasets for optimal contracting performance.
The Spellbook demo video shows surprising performance for a variety of tasks:
- Language Suggestion: Spellbook can draft new clauses and sections, taking the full context of the contract into account.
- Negotiation Suggestions: Spellbook can list common points for negotiation based on the contract
- Term Summaries: Spellbook can instantly create short term summaries for any common contract, or even "explain the contract to a 5 year old"
"We are always experimenting with new technology that can help our customers and have long been looking at ways to leverage AI" said Scott Stevenson, CEO of Rally. "We were completely blown away by the results of this project. GPT-3 is extraordinarily powerful. We have never seen anything like this before."
Spellbook is in Early Access. Users can sign up to join the waitlist at: www.spellbook.legal. The team will be gradually onboarding users over the coming months, in order to monitor quality and ensure their systems can scale to meet demand.
Spellbook will further strengthen Rally's offerings and will be deeply integrated into its core legal management platform which is used by 110 law firms and 3000 legal entities.
Source: https://www.rallylegal.com/