Innovating Legal Assistance with AI
Scottish startup Wordsmith is garnering attention by receiving backing from two major venture capital firms. The company’s AI platform is designed to assist legal teams within corporations and law firms, extending legal support across various departments. This tool allows employees to seek help with tasks like contract reviews and specific document-related questions.
Founders and Early Achievements
Established in October last year, Wordsmith was founded by former TravelPerk executives Ross McNairn (CEO) and Robbie Falkenthal (COO), alongside CTO Volodymyr Giginiak, who has a background in engineering roles at Microsoft, Facebook, and Instagram. Despite its recent inception, the Edinburgh-based startup already boasts notable clients such as Trustpilot and has secured a partnership with prominent law firm DLA Piper.
The company’s rapid progress has attracted significant investment, leading to a $5 million seed funding round led by Index Ventures, with contributions from General Catalyst and Gareth Williams, founder of Scottish tech success Skyscanner.
The founders’ impressive careers have undoubtedly contributed to Wordsmith’s early success. McNairn, who transitioned from being a lawyer to a software engineer, previously founded Dorsai Travel, a travel management startup sold to Skyscanner just nine months after its launch. He subsequently served as Skyscanner’s head of product before joining the secondhand shopping app LetGo and then TravelPerk.
Rising Interest in Legal Tech
The legal tech sector is experiencing significant growth, with several “co-pilot for lawyers” startups emerging, including Harvey AI in the U.S. and Luminance in the U.K. Other startups like Definely, Lawhive, Alexi (Canada), and Leya AI (Sweden) have also secured notable funding rounds. These companies are leveraging generative AI to automate repetitive legal tasks, allowing legal professionals to focus on more strategic activities.
Wordsmith sets itself apart by focusing on enabling employees within companies to handle legal tasks, rather than directly targeting lawyers. Legal teams configure the platform by connecting it to their data sources, allowing employees to manage simpler legal matters autonomously. For more complex issues, lawyers remain available for oversight and approval.
McNairn compares Wordsmith’s approach to TravelPerk’s self-serve business travel management platform. At TravelPerk, they enabled the rest of the business to self-book, with the travel team administrating and ensuring everything was correctly calibrated. The shift from building tools for the function to building tools for the entire business is a significant change in operations.
Configuring Wordsmith
Wordsmith can be set up in two primary modes:
- Autopilot Mode: For straightforward matters that do not need expert oversight.
- Co-Pilot Mode: Where a lawyer reviews and approves responses before they are finalized.
A typical use case might involve a sales team member needing to review a contract or a procurement officer seeking information on the company’s security policies. By querying Wordsmith, employees can quickly obtain the necessary information without waiting for legal assistance.
Wordsmith’s innovative AI platform aims to make legal assistance accessible to all employees within a company while ensuring expert oversight when needed. With strong backing from major venture capital firms and a talented founding team, Wordsmith is poised to significantly impact the legal tech industry.
