Bringing AI Paralegals to Every Employee
Wordsmith, a startup aiming to put “a lawyer in the loop,” wants to democratize access to legal expertise. Traditionally, legal services have been pricey and often out of reach for many, particularly startups and smaller businesses. This is the problem that Wordsmith is tackling head-on.
AI for Legal Tasks, Not Legal Advice
It’s important to note that Wordsmith isn’t trying to replace lawyers entirely. Instead, they’re focused on automating the more mundane and repetitive tasks that lawyers often handle. This frees up lawyers to focus on more complex and nuanced legal matters.
The platform utilizes generative AI, similar to ChatGPT, to achieve this. Users can input a legal question or issue, and Wordsmith will generate a first draft of a legal document or a summary of relevant legal issues.
Practical Applications and Early Success
Imagine needing a non-disclosure agreement (NDA). Instead of shelling out significant sums to a law firm, Wordsmith can generate a first draft tailored to your specific needs. You can then share this draft with your legal counsel for review and finalization.
This approach has resonated with users, evidenced by Wordsmith’s impressive growth. They’ve seen a 10x increase in users and revenue since their launch last year.
Looking Ahead: Expanding Access and Features
Wordsmith’s vision extends beyond simply automating document creation. They plan to integrate with other popular platforms like Slack, making it even easier for employees to access legal assistance.
While still in its early stages, Wordsmith represents a promising development in the legal tech space. By leveraging the power of AI, they’re making legal expertise more accessible and affordable, ultimately leveling the playing field for startups and businesses of all sizes.
