+@nbashaw just got my hands on this - wow, am humbled the fact it knows law too! I suppose I shouldn't be surprised with a name like "lex" but holy shit this (or something like it) is eventually going to disrupt some lawyers.
First I tested the product by writing about securities laws. Here was my basic prompt:
In this article we are going to focus on the two laws that matter once you know you’re raising a fund and you, as a fund manager, will be holding or investing in securities.
This is the (correct) response I received:
These laws are the Investment Company Act of 1940 (the “Investment Company Act”) and the Investment Advisers Act of 1940 (the “Investment Advisers Act”).
🤯, it knows venture capital fund law! That took me many years to learn and study.
It also wrote up a nice little paragraph about the two laws:
**The Investment Company Act of 1940** is a set of regulations that govern the organization and operation of investment companies. An “investment company” is defined by the Investment Company Act as any company (1) engaged primarily, or (2) that has as a significant purpose, the business of investing, reinvesting, or trading in securities.
...
The law also covers companies that advise investors, such as investment advisers, and companies that engage in certain other activities, such as broker-dealers and underwriters.
**The Investment Advisers Act of 1940** is a set of regulations that govern the organization and operation of investment advisers.
An “investment adviser” is defined by the Investment Advisers Act as any person or firm that, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities.
...
Pretty cool, going to have fun with this.
