Spellbook Legal is an AI-powered software designed for lawyers to streamline and accelerate the process of reviewing and drafting legal contracts. It functions as a "copilot" for legal professionals, integrating directly into Microsoft Word to assist with complex tasks that would otherwise take many hours. 

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Key features and functions:

• Contract review: The tool analyzes entire contracts to find potential risks, identify missing clauses, detect inconsistent language, and suggest improvements. It can compare contracts against industry standards or a firm's own precedents and track changes directly in the document.

• Drafting and negotiation: Spellbook can generate new clauses or entire contracts from a prompt. For negotiations, it can suggest common points and revise agreements to be more favorable to a client based on instructions.

• "Library" and custom precedents: A major feature allows firms to securely upload their own documents to create a personalized knowledge base. This trains the AI to draft and review in the firm's specific style and language, known as "preference learning".

• Spellbook Associate (AI agent): This advanced feature can plan and execute multi-step legal matters across multiple documents. For example, it can use a term sheet to produce a full suite of financing documents.

• Microsoft Word integration: Spellbook is built to work seamlessly within Microsoft Word, so lawyers can draft and review documents without switching applications.

• Integration with legal content: Spellbook has partnered with Thomson Reuters to integrate its expert-created legal content, providing lawyers with access to standard documents and clauses within the tool. 

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Security and privacy:

Confidentiality is a primary concern for legal professionals. Spellbook addresses this with strict security and privacy standards, including: 

• SOC 2 Type II compliance: An industry standard for data security and privacy.

• Zero data retention: Agreements are in place with large language model providers, like OpenAI and Anthropic, to ensure customer data is not stored and used for training.

• Encryption: Data is encrypted both in transit and at rest. ​

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Benefits:

• Significantly increases the speed and efficiency of contract drafting and review.

• Helps lawyers focus on higher-value, strategic work by handling repetitive tasks.

• Enhances accuracy by catching potential errors or missing clauses.

• Allows firms to leverage their own precedents and institutional knowledge.