Example of a legal memorandum by an artificial intelligence agent

As a demonstration of the current capabilities of artificial intelligence models to perform non-trivial legal work, this paper shows the result of the analysis of contractual provisions in a mortgage backed securitization transaction. The model was Google's NotebookLM. The document is one that the researcher, Richard Careaga was the original author of the form in 1991 and had drafted or reviewed dozens of times as both outside counsel and in-house counsel. The document is typically one that even experienced attorneys who are not familiar with the transaction type find challenging. As far as it goes, the contractual analysis is unexceptionable. There are some practical considerations that are not addressed and would have been unlikely to have been surfaced by a human reviewer who was not familiar with the business operations of the client. I would have expected about 15-20 billable hours. The bot took 15 minutes.