A summary of a live event originally presented at Thomson Reuters’ SYNERGY conference
In the fast-paced world of law, drafting legal documents requires precision and a substantial time investment. Many lawyers find themselves overwhelmed by this task, spending approximately 56% of their time drafting, with 96% expressing dissatisfaction with current tools. Enter Generative AI (GenAI), particularly Thomson Reuters® CoCounsel Drafting, providing a streamlined solution for this process.
A recent webinar, Streamlining Legal Drafting with CoCounsel — The Future of Legal Tech, presented the capabilities of this exciting new solution, giving tips and best practices for the future of drafting.
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The challenge of legal drafting
The role of AI in legal drafting
Features of CoCounsel drafting
Embracing AI in the legal profession
The challenge of legal drafting
Legal drafting is complex and multifaceted. Lawyers frequently start from scratch or sift through past work for templates, leading to time-consuming, repetitive tasks prone to error. Precision in language and adherence to current legal standards are crucial, necessitating meticulous proofreading and cross-referencing, which can be labor-intensive and tedious.
The role of AI in legal drafting
GenAI is making legal drafting more efficient, acting as professional-grade AI assistants that lawyers can consult as they would a colleague. These tools perform substantive tasks, freeing lawyers to focus on strategic actions and deliver enhanced value to clients. Trained on legal concepts, GenAI tools operate with reliability, grounding their work in extensive content sets and providing citations for drafting tasks.
Features of CoCounsel drafting
CoCounsel Drafting offers a comprehensive solution for legal document creation, integrating seamlessly with Microsoft Word. AI-augmented search identifies suitable templates, eliminating manual keyword searches and metadata tagging. Drafting clauses is streamlined with AI-sourced market insights, extracting data from publicly filed documents and providing clarity on critical issues like governing law.
White paper
AI-powered legal drafting: The definitive guide for legal professionals
Access white paper ↗Redlining and deal proofing
GenAI’s capability to manage playbook comparisons and redlines is invaluable for in-house teams. Lawyers can input playbooks or term sheets, and AI suggests edits aligned with their requirements, assessing risk and providing a detailed issues list. CoCounsel Drafting simplifies deal proofing, ensuring consistent term definitions and checking for numeration errors, saving time on manual proofreading.
A new era in legal drafting
Integrating AI into legal workflows enhances the practice of law, making tools like CoCounsel Drafting accessible and easy to use. Lawyers equipped with GenAI can streamline drafting processes and focus on strategic aspects, leading to better client outcomes and a more fulfilling practice.
Embracing AI in the legal profession
As the legal industry evolves, AI integration becomes vital for competitiveness. AI tools offer efficiency, cost reduction, and quality enhancement, but require understanding of their capabilities and limitations. Training is crucial for effective use, ensuring lawyers can interpret AI-generated insights and apply them to their practice. CoCounsel Drafting exemplifies the future of legal technology, empowering lawyers to draft efficiently and focus on client value. View the full CoCounsel Drafting webinar on-demand today to learn how to enhance your legal workflows and speed up routine tasks.
