Spellbook

What is Spellbook?

Spellbook is a cutting-edge AI tool for drafting and reviewing legal contracts, developed by Rally Legal. It is a smart assistant, or copilot, specifically for corporate and commercial lawyers. It’s designed to speed up tasks like writing contracts, suggesting clauses that might be missing, and even proposing points for negotiation. Spellbook uses OpenAI’s GPT-3 language model, which has been fine-tuned just for legal contracting. This means it can pull in real-world facts, spot aggressive language, and quickly draft new clauses that fit right into the contract you’re working on. Right now, it works only with Microsoft Word and is in early access, but it’s already making a big difference for legal pros by simplifying how they handle contract drafting.

Who created Spellbook?

Rally Legal developed Spellbook, launching it on October 13, 2022. This AI tool for drafting and reviewing contracts is built on OpenAI’s GPT-3 language model. It offers legal professionals quick contract drafting, helpful review suggestions, and assistance with negotiations. It’s been specially adapted for legal work and integrates smoothly with Microsoft Word, so you can use it within the software you’re already familiar with. Currently, Spellbook is in its early access phase, and they’re gradually opening it up to more users.

What is Spellbook used for?

Spellbook helps you:

• Draft contracts up to 10 times faster using AI.
• Review contracts and get suggestions for specific terms.
• Generate precise redlines based on your instructions.
• Handle those small, time-consuming contract details.
• Focus more on adding strategic value by letting AI manage minor tasks.
• Instantly get high-quality language suggestions and improvements for your contracts.
• Draft entirely new clauses on the spot.
• Detect aggressive or unfavorable terms within contracts.
• Identify clauses that might be missing from an agreement.
• Receive suggestions for negotiation points.
• Draft contracts faster, about 3x the speed.
• Reference real-world facts directly within your contracts.
• Get in-app language suggestions tailored for contracting.
• Receive alerts about aggressive terms.
• Generate precise redlines.
• It’s tuned specifically for contracting work.
• It offers in-app language suggestions for contracts.
• You get an aggressive term alert within contracts.
• There’s an auto diligence feature for contracts.

Who is Spellbook for?

Spellbook is ideal for:

• Corporate and commercial lawyers.
• Transactional lawyers.
• Corporate Lawyers.
• Commercial Lawyers.

How to use Spellbook?

Spellbook is an AI contract drafting and review tool from Rally Legal. Here’s a step-by-step guide to using it effectively:

1. Getting Started:
   • First, head over to the Spellbook website and join the waitlist to get early access.
   • Once you have access, log in to the platform using your account details.
2. Drafting Contracts:
   • Open Microsoft Word, where Spellbook is integrated.
   • You can either start a brand-new contract or open one you’re already working on.
   • Spellbook will then help you draft new clauses or even whole sections instantly, fitting them into the context of your agreement.
3. Reviewing Contracts:
   • Spellbook is great at spotting aggressive or unusual terms in a contract.
   • It can suggest clauses that might be missing, offer advice for negotiations, and flag any aggressive terms it finds.
4. Engaging with Features:
   • Make sure to use the in-app language suggestion feature for really precise contract wording.
   • Look for the immediate detection of unusual terms and use the auto diligence feature to thoroughly review your contracts.
5. Referencing World Facts:
   • Spellbook can even pull in facts from sources like Wikipedia and books to make your contract content more robust.
6. Future Features:
   • Keep an eye out for the upcoming ‘Auto Diligence’ feature. This will automatically spot pressing issues within a dataroom.
7. Customer Support:
   • While they haven’t shared specific details about customer support, the tool is constantly being improved based on what users tell them.
8. Technology Used:
   • Spellbook runs on GPT-3 and GPT-4, which gives it powerful text generation capabilities.

By following these steps, legal professionals can really make the most of Spellbook’s features. You’ll be able to draft and review contracts much faster and more efficiently, ultimately improving your entire contracting process.