TORONTO--(BUSINESS WIRE)--Spellbook, creators of the leading AI copilot for lawyers, announced today the launch of Spellbook Associate, the first full-fledged AI agent designed specifically for legal work. This AI agent represents a step change in the legal industry. By fundamentally changing the role of the junior associate and enabling AI to take on hundreds of new legal workflows, Associate eliminates drudgery and unlocks a new level of efficiency within legal teams.
“We believe that agents are the most important leap forward in AI since ChatGPT, and that they’ll be even more impactful,” said Spellbook Co-founder and CEO Scott Stevenson. “Chat tools were helpful for answering one-off questions, but soon we’ll have AI colleagues in every industry who will be working through complex deliverables, similar to humans.”
Spellbook Associate is capable of executing projects across various documents and applications. Its unique ability to cross-reference multiple sources also enables it to be more accurate. Unlike the previous wave of chat-based AI tools, Associate can plan, execute, check its work, and adapt to accomplish larger scope assignments like a colleague would. In the same manner that a junior associate would be expected to accomplish work without constant supervision, Spellbook Associate can use a single prompt to effectively work through legal matters such as producing complete financing documents from a term sheet, reviewing hundreds of documents for risks and inconsistencies and revising employment packages.
In doing so, Spellbook Associate executes projects in a fraction of the time junior associates require, allowing lawyers to focus on higher-value activities such as negotiation and building client relationships. It also enables small to medium-sized law firms to effectively compete for opportunities typically reserved for larger firms.
“Just as AI agents have been rapidly adopted across software engineering over the past six months, we believe they’re coming to knowledge workers in every industry. We’re proud to be the first to bring a true ‘AI Colleague’ to lawyers,” said Stevenson.
Two years ago, Spellbook introduced the first generative AI copilot for lawyers, quickly gaining the trust of over 2,500 legal teams. Building on this success, the company released the first GenAI contract review tool, which will be used to review 10 million contracts by the end of 2024. Starting today, Spellbook is giving legal teams early access to Spellbook Associate on a first-come, first-serve basis. More information can be found at https://www.spellbook.legal/.
About Spellbook
Spellbook launched the first GenAI tool for lawyers and continues to be the leading provider of legal AI for transactional law. It's helped more than 2,500 legal teams improve their contract workflows and eliminate legal drudgery. Powered by large language models like OpenAI’s GPT-4, Spellbook is optimized to use legal-specific approaches for superior contracting performance. Spellbook is backed by investors including Thomson Reuters Ventures, Inovia Capital, The Legaltech Fund, Bling Capital, and Moxxie Ventures. For more information about Spellbook go to https://www.spellbook.legal/.
