
Spellbook, known for pioneering the first generative AI copilot geared toward contract drafting and review in 2022, is expanding its suite of tools with the introduction of Playbooks.
This new feature specifically caters to corporate legal teams, following the rollout of an advanced AI agent in August that can manage intricate, multi-step legal workflows.
Introduction of Playbooks
Scott Stevenson, cofounder and CEO of Spellbook, revealed that Playbooks was designed to help legal teams formalize their negotiation strategies.
This innovative tool allows AI to conduct negotiations that mirror the preferences of general counsels through the use of predetermined language and fallback options while navigating contract documents.
The need for Playbooks arises from the challenges faced by in-house legal teams as they handle a large volume of critical contracts, where precision is essential.
Stevenson emphasizes that with Playbooks, the contract review process can be expedited by up to ten times.
Challenges and Solutions
Traditionally, Spellbook’s solutions have focused on law firms.
However, in the past year, the company has engaged with over 160 in-house legal teams, including organizations like Nestlé, Crocs, Fender, BDO Unibank, and WSP Global Consulting, to help shape this latest feature.
Stevenson pointed out a widespread challenge for in-house teams: the repetitive task of reviewing similar contracts under the same criteria, which can be incredibly time-consuming.
He also observed that many existing AI tools for contract review introduced too much inconsistency, ultimately falling short of delivering the reliable, tailored outcomes that in-house teams needed to manage numerous agreements effectively.
Functionality of Playbooks
In addition to aiding in-house legal teams, law firms can utilize Playbooks to establish benchmark standards for client contract reviews that align with specific needs.
The Playbooks functionality enables legal teams to efficiently process contracts by applying preset rules instantly.
Initially, it offers twelve common rule sets, with users having the flexibility to craft additional ones, whether from scratch or with the help of AI.
When a rule set is applied, it evaluates the contract provisions, categorizing them as either compliant or non-compliant.
The feature also suggests AI-generated solutions to rectify any issues, using language favored by the user.
Moreover, Playbooks allows users to create predefined questions that can be automatically answered with citations when the playbook is activated.
As of today, Playbooks is live for all existing Spellbook customers, and new users can take advantage of a seven-day free trial.
This advancement harnesses natural language processing (NLP) to enhance the efficiency of legal operations.
Source: Lawnext