Think back to the last time you analyzed a large volume of contracts. How long did it take?
Maybe you don’t know how long it takes because you’ve never had the time to do it
It turns out, it takes a human more than 80 hours to extract key obligations from 2,000 contracts, and that analysis is prone to a human error rate between 10% and 20%. Thomson Reuters research has found that a generative artificial intelligence (GenAI) virtual legal assistant can take that down to four to six hours, with an accuracy rate better than 96%.
GenAI virtual legal assistants like CoCounsel Core save you time on analytical tasks, providing the information you need to deliver excellent strategic counsel, legal advice, and work product.
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| Core skills from your GenAI assistant |
| Legal transformation with GenAI |
| CoCounsel Core elevates the legal team |
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Core skills from your GenAI assistant
CoCounsel Core isn’t a replacement for a lawyer – it’s simply a powerful layer of support. You can delegate tasks to CoCounsel Core like you might to a paralegal or legal assistant. That extra assistance can increase productivity and improve efficiency across the legal department as you streamline labor-intensive activities.
Legal teams use this extra time to be more proactive and deliver more strategic counsel to the business, transforming the department from a cost center to a value center. They also keep more work in-house, which enables them to save money on outside legal costs.
“This technology has the potential to revolutionize the way lawyers practice,” according to Darth Vaughn, managing director of Legal Operations and Litigation Counsel for Ford Motor Company. “The value of CoCounsel is quickly becoming evident across a range of our practice groups.”
Vaughn and other in-house legal teams can use CoCounsel Core for eight key legal skills: reviewing contracts and documents, comparing documents, contract policy compliance, document summaries, creating and searching a database, drafting correspondence, preparing for a deposition, and creating a timeline.
These capabilities allow you to:
- Conduct due diligence and contract review: Get a spreadsheet of answers to your questions about the specifics of documents to facilitate due diligence or contract review
- Redline third-party contracts: Upload contracts on third-party paper and ask CoCounsel Core to identify clauses that conflict with your company’s policies.
- Identify risk and ensure compliance: Find the “red flags” in relevant clauses and contracts when comparing contracts to required policies or looking for potentially suspicious activity
- Summarize complex legal documents: CoCounsel Core can interpret and condense critical data faster than humanly possible, without missing key details
- Expedite deals and cut costs: Negotiations and contract execution can move a lot faster when you’re confident about your terms and conditions. Your business partners will like this too.
- Execute re-papering: Identify and draft replacement wording for specific clauses. For example, change LIBOR wording in agreements when necessary.
- Easily find contractual precedent: Create a database of thousands of contracts and ask CoCounsel Core to find clauses and deal terms that you could use to help you draft new contracts.
Legal transformation with GenAI
Legal professionals in all sectors are looking for ways GenAI will change the way they work. Seventy-one percent of leaders expect GenAI to drive substantial transformation over the next three years – and 31% say the transformation will happen in one year.
But where to start with this transformation of AI in the practice of law? Adopting a AI legal assistant like CoCounsel Core is an excellent first step, as it streamlines tasks that are already bottlenecks in the department and that most legal professionals don’t enjoy. It integrates with tools you’re already using, like Westlaw Precision, Practical Law, and Microsoft Word.
Security and reliability are often of concern when leaders contemplate bringing GenAI into their organizations. CoCounsel is trusted by more than 2,000 corporate law departments, law firms, and government organizations. The system prioritizes security with NIST Cybersecurity & ISO 27001 standards, SOC 2 compliance, private servers, and zero data retention. In effect, the system is locked down, and it never uses your data to train AI models.
CoCounsel Core elevates the legal team
Review times cut from days to hours. Complex documents summarized in a snap. Variations in contract terms and risks spotted instantly. The uses of the CoCounsel Core GenAI assistant are endless for corporate legal teams, leading to increased efficiency, improved accuracy, and faster turnaround times.
By automating mundane tasks, legal professionals can focus their time on applying their human expertise. CoCounsel Core can’t do the lawyering for you, but it does set you up with the facts, trends, and insights you need to get to the actual lawyering faster. Legal teams can use the extra time to keep more work in-house and continue elevating the way you serve the business.
GenAI is reshaping business expectations, with nearly 60% of in-house counsel anticipating its use. To guide its adoption, legal teams should explore GenAI now. As technology evolves, its role in the legal field will expand, making this an ideal time to integrate tools like CoCounsel Core into your day-to-day work.
Discover how Westlaw Precision and Practical Law are harnessing the power of GenAI to transform your legal workflow with CoCounsel Core. Request a free demo and see how you can start working faster and smarter with GenAI assistance today.
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