You could get a familiar, yes (once you've dual-classed to mage). Note though that familiars are very vulnerable to death and don't normally therefore have a great impact on gameplay (you can stick them in your inventory to keep them safe, but they then do nothing beyond adding a few HPs to the PC).
Cast it in ToB and you'll get a whooping +24 HP, twice as much as in Shadows of Amn.
At least in the original edition. Depending on your alignment, you can also cast it earlier and use it as a thief to steal stuff or something, but otherwise they belong in your backpack yeah.
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At least in the original edition. Depending on your alignment, you can also cast it earlier and use it as a thief to steal stuff or something, but otherwise they belong in your backpack yeah.