Legal AI drafting: Introduction to drafting in CoCounsel

The definitive guide forlegal professionals Let’s face it: drafting legal documents involves a lot ofbrilliance, and a lot of tedium. New legal technology toolspromise to reduce the tedium with artificial intelligence(AI), giving legal professionals more time to focus onstrategy, negotiations, and client/stakeholder relations.How do you know what to look for and which systems to This guide will: •Explain AI-poweredlegal drafting and its •Suggest key elementsto look for in an AI-powered drafting tool •Provide guidanceon how to influenceleadership to approvea new system•Offer best practices forintroducing a system Legal professionals across sectors face incredible time pressure. If you charge by thehour, you need to show your clients that your hours are efficiently used. If you work ona flat-rate basis, you need to make those matters profitable. If you work in-house for agovernment agency or corporation, you probably need to handle an increasing workloadwith flat to declining budgets. AI holds great appeal, but many legal professionals want to The basics of AI-powered legal What is AI-powered legal drafting? How is it used? AI-powered legal drafting tools guide you through document creation with legalinformation, suggested language and clauses, and editing tools right at your fingertips. AI-powered legal drafting tools put a powerful suite of resources at your fingertips,accelerating your workflow throughout the entire process—from document creationto review and finalization. These tools offer intelligent assistance, helping you generate Legal professionals working on documents such as contracts can use an AI drafting tool Find a previous, related document.Rather than spending precious time searching forwork products to reuse, use generative AI and natural language searching to get to the Create contract drafting consistency with legal playbooks.Your legal drafting toolcan help you enforce your organization’s guidelines so that junior lawyers can learn more Compare and redline.Deviation detection compares documents like third-party contractsto playbook standards or compare versions of your contracts to understand how 96% Find, create, and modify clauses.A legal drafting tool should easily connect you tocurrent market standards to get your clauses just right. Refine and review formatting.Analyze to find common drafting errors like misaligneddefinitions, missing dates, erroneous cross references, inconsistent language, and more. of legal professionalsreport that they do notfeel their drafting tools Use natural language prompts.Summarize and identify key terms with prompts andinstantly modify language within your open document. Your legal drafting tool should offerhigh-quality suggestions for redlines and clause language and align with your precise Automatically update contract terms. Delegate repetitive data entry and redaction,saving significant time on first drafts. A legal drafting tool should easily update atemplate or precedent agreement using your term sheet, with all changes tracked and What value does AI bring to legal drafting? According to Thomson Reuters® customers, most lawyers spend 40% to 60% of their timedrafting documents. While much of this time involves strategy, too much time goes intobusy work that leads to frustration. In fact, 96% of legal professionals report that they do With the emergence of AI, and a growing knowledge of how to apply it to the legal space,lawyers have new options to drive efficiencies across the end-to-end drafting process. Better starting points.Finding the correct starting point while drafting is one of the mostwidely recognized pain points for both new and seasoned lawyers. Many recognize thatthere is a certain “art” to choosing the right starting point that can have implications for the Better output.Compliance with laws and guidelines, adhering to customer expectations,aligning with internal guidance, and ensuring formatting consistencies is incrediblycumbersome. Using technology to navigate these tasks leaves more time for strategy and Key considerations: What to look forin an AI-powered legal drafting tool What capabilities do you need? Look at your legal organization’s drafting practices and see where the biggest bottlenecksand frustrations lie. Then, evaluate AI-powered legal drafting tools against those priorities. •Finding a good starting point with model documents and templates•Updating terms within your contract•Finding relevant clauses•Drafting and modifying clause language •Leveraging playbooks•Comparing contracts with deviation detection•Analyzing documents for errors•Converting text or image PDFs to Microsoft® Word Customers indicateddrafting in CoCounselsaved them as much as 50% What content is the AI pulling from? AI toolsare only as good as the content they train on. Choose a tool that draws fromcontent you trust and that allows you to verify the accuracy of its responses yourself. of the time spent draftinglegal d