CoCounsel Drafting: An AI-Powered Game Changer For Legal Professionals

CoCounsel Drafting is an AI-powered legal drafting tool that promises to revolutionize the way legal professionals create contracts and agreements. Lawyers can spend hours just trying to find the right document to be the model for a new document they need to draft, and CoCounsel Drafting can save the day. Rather than reinventing the wheel or spending hours searching for prior work, users can utilize the generative AI assistant for the document they need to create, and the results are served up and ready for refinement, review, and finalization.

Find

Find the best starting point by searching across the firm’s repositories (SharePoint and OneDrive, additional integrations with NetDocuments, iManage, and HighQ coming soon), or utilize Contract Express or Practical Law Dynamic subscriptions to find templates directly from within Microsoft Word. See Figure 1.

There is no need to waste time navigating folders—simply type a query, and CoCounsel will help locate past work relevant to a user’s current drafting needs. CoCounsel’s AI-generated metadata tags and document summaries ensure accurate search results. CoCounsel Drafting provides lawyers with a resource that goes above and beyond their in-house repository.

Firms using CoCounsel Drafting will have access to Practical Law Playbooks, curated sets of legal guidance, preferred language, and negotiation strategies, which serve as reference guides for legal professionals during drafting and negotiation. Playbooks include standardized clauses, fallback positions, and best practices. Users can leverage existing Practical Law Playbooks or create custom playbooks tailored to their specific needs. Playbooks ensure consistency across contractual documents, streamline the drafting process, and align with professional guidance. CoCounsel provides access to Practical Law’s standard document model agreements and automated document templates so lawyers can avoid the risks and costs associated with manual drafting. CoCounsel pulls relevant language from trusted sources. See Figure 2.

When a lawyer searches for a relevant document or clause, the results will identify whether the document or clause is from the firm repository or Practical Law. Searches are done without ever leaving the draft, driving efficiency and cost savings for the client.

Refine

Users can search for gold-standard and market-specific clause language. Use Practical Law Clause Finder from the Refine menu to streamline the drafting process by locating specific clause types, searching Practical Law, internal documents, and even SEC filings.

CoCounsel isn’t just about finding, it’s about creating. CoCounsel assists the user step by step when drafting a new clause, providing direct requests for quick first drafts of the clauses needed or modifying existing clauses with precision using CoCounsel’s AI assistance. CoCounsel Drafting’s chat-based interface feels like having a legal research assistant right in a Word document. It suggests language, clarifies complex terms, and will summarize lengthy terms.

Review

CoCounsel helps users comprehend how a redlined document deviates from the standard. It maps these changes against a playbook (such as Practical Law’s contract playbooks). By flagging risks and identifying missing language, CoCounsel ensures thorough review and compliance. When a clause needs modification, CoCounsel provides intelligent suggestions. It recommends replacement language based on context and legal best practices. CoCounsel’s AI analyzes the document for potential risks. It also identifies any crucial language that might be absent. The review phase with CoCounsel is efficient and precise. Whether a lawyer is negotiating contracts, analyzing agreements, or preparing for litigation, CoCounsel accelerates the process.

Finalize

Once the document is assembled, it’s time to analyze and revise. CoCounsel Drafting helps check for common drafting errors. It’s like having an eagle-eyed proofreader who won’t judge for excessive semicolons or misplaced “whereases.” The user can correct any slip-ups to ensure consistency and accuracy. See Figure 3.

CoCounsel enhances productivity, increases accuracy and consistency, and adapts to how the legal team works. Big firms will streamline the associate’s workload, general counsels will be thrilled with the efficiency, and solo firms will find they have a secret virtual assistant.

Integrations and Security

CoCounsel Drafting operates directly within Microsoft Word. Legal professionals can draft, review, and refine documents—all without leaving the familiar Word environment. CoCounsel collaborates with Practical Law’s content. CoCounsel, when responding to a natural-language query, summarizes relevant information grounded in Practical Law’s expertly curated content. This integration accelerates moving from legal questions to actionable work product. For thorough research, CoCounsel enhances Westlaw Precision. It helps lawyers find relevant answers faster and more confidently, streamlining legal research.

CoCounsel is evolving and continuing to find ways to assist legal teams. To that end, Microsoft 365, database management solutions, and tools like Microsoft Word, Outlook, and SharePoint are already in beta integration. Thomson Reuters is actively working on expanding CoCounsel’s capabilities. Watch for future integrations for risk and fraud professionals (CoCounsel Fraud Detection and CoCounsel Investigators).

CoCounsel accesses the underlying AI model (GPT-4) through dedicated, private servers, which means no OpenAI employees can see customer queries or documents, and confidentiality is safeguarded. CoCounsel uses an “eyes off” API, meaning no human reviewers have direct access to customer interactions to protect data. All data, whether in transit or at rest, is encrypted. CoCounsel operates under Thomson Reuters’ robust security practices. These policies align with industry standards and protect against unauthorized access.

Pricing

Thomson Reuters offers a variety of subscriptions and licensing options for CoCounsel Drafting and other generative AI solutions. Contact them today for specific details.

Who is Thomson Reuters?

Thomson Reuters is a Canadian American multinational information conglomerate that has played a pivotal role in shaping the professional landscape across various domains. Thomson Reuters enables legal, tax, accounting, compliance, government, and media professionals by fusing reliable content with state-of-the-art technology. Their mission is to provide the right information for informed decision making. Founded in Toronto, Ontario, Canada, Thomson Reuters has a rich history spanning over 150 years. Thomson Reuters is at the forefront of AI and technology adoption. Notable offerings include CoCounsel, a generative AI assistant for legal professionals, and Ask Practical Law AI, which provides summarized answers based on Practical Law’s expertly curated content. The company is committed to advancing justice, truth, and transparency. In summary, Thomson Reuters clarifies today’s complex landscape, equipping professionals with the confidence to navigate tomorrow’s challenges.

Latest Developments and Upcoming Updates

• Single point of access to CoCounsel artificial intelligence (AI) skills from MS Word, including Draft Correspondence, Contract Policy Compliance, Extract Contract Data, Timelines, Westlaw AI-Assisted Research, and Ask Practical Law AI.
• Create and respond to numerous discovery requests powered by Gen AI, including interrogatories, requests for documents, and requests for admissions. Access a database of exemplar responses to draft responses and objections as a receiving party.
• Accelerate the review and negotiation process by creating customized playbooks for agreements with preferred language, negotiation guidance, and escalation information.
• Launch of CoCounsel Drafting UK soon: Features for UK version will include the same/similar features as the US launch.

Why Buy CoCounsel Drafting?

• A comprehensive solution where lawyers prepare documents today. It uses Microsoft Word, one of the best early adopters of generative AI in its class, and legal experts to train its users.
• Easy integration with dependable information and resources from Contract Express, Westlaw, and Practical Law.
• Retrieval-augmented generation (RAG)-based creative AI that leverages reliable Practical Law content.
• Make use of both internal and external resources to ensure the best quality assurance.
• Thomson Reuters provides comprehensive training and white papers to support users.

Learn More and Save Time Drafting!

Reach out to the CoCounsel Drafting team to take it for a spin and learn how AI can help you create new documents.