The promise of AI-powered legal drafting for in-house teams
Generative artificial intelligence (GenAI) could very well transform the way corporate legal teams serve their organizations. Powerful legal tools can reduce the time it takes to deliver important work product and support busy lawyers in their strategic thinking and quality control.
One critical area of transformation for legal practitioners is using GenAI for document drafting. According to Thomson Reuters customers, most lawyers spend 40 to 60 percent of their time drafting documents, and most want a better way: 96% of legal professionals report that their drafting tools are not efficient.
GenAI can help in-house lawyers spend more time on strategy, advising the business, and shifting work in house. They can spend less time finding the perfect template, switching between tools for model language, editing for missing information and formatting, or completing other manual drafting tasks.
Still, you need to be sure you are using tools you can trust. Let’s look at how and why in-house attorneys are using AI-powered drafting and how they choose the right tools.
Jump to ↓
The basics of AI-powered legal drafting
What value does AI bring to legal drafting?
Choosing an AI-powered drafting tool
Making the case for an AI-powered legal drafting tool
An AI inflection point
The basics of AI-powered legal drafting
You can use AI-powered drafting tools to guide you through document creation with legal information, suggested language and clauses, and editing tools right at your fingertips. That means you can delegate substantive tasks and get thorough, accurate results much more quickly. You can use them to:
Find a previous related document to get started more quickly
Create contract drafting consistency with legal playbooks
Compare and redline different versions of contracts to understand how they differ from one another
Find, create, and modify clauses based on current market standard language
Refine copy, spot errors and inconsistencies, and review formatting
Drafting is a part of all aspects of in-house legal work, from creating sale of goods agreements to licensing your company’s intellectual property to writing employment agreements.
What value does AI bring to legal drafting?
AI-powered drafting tools can help in-house counsel save significant time. For instance, users of CoCounsel Drafting from Thomson Reuters have found that it enables them to cut drafting time by up to 50%.
“There is substantial time savings when using CoCounsel Drafting,” says J.J. Ball, legal counsel at Systemiq. “When we are operating on an average turnaround time of three to four business days for a response, we can cut that down to one to two business days by utilizing the tool to get drafting work done.”
Beyond the time savings, AI-powered legal drafting tools can help reduce errors and maintain consistency in legal language across your organization.
AI news and insights
Insights, updates, and all things AI
See what’s new
Choosing an AI-powered drafting tool
You may have reservations about trusting your legal work product to a generative AI tool. An online search for AI-powered legal drafting tools will return dozens of options, some purpose built for law, others glorified chat bots.
There are criteria you can look for to get quality output to support your team and protect the integrity of your work. Here are some elements to consider when selecting an AI-powered legal drafting tool:
Accuracy: Generative AI assistants are only as good as the content they train on. Choose a tool that draws from content you trust and be sure you can verify the accuracy of its responses yourself
Confidentiality: Select a tool that does not permit third party AI models to retain or train on customer data.
Security: Verify that the provider uses the most advanced data security controls possible, like Microsoft Azure North American-based servers and zero-retention APIs.
Capabilities: Consider your team’s greatest drafting bottlenecks and evaluate AI-powered drafting tools against those needs. We talked about some common capabilities above.
Making the case for an AI-powered legal drafting tool
Adopting any new tool takes some effort. Here are some tangible measures to consider as you make the case for new technology:
Time and cost savings by individual document: users of CoCounsel Drafting from Thomson Reuters have found that it enables them to cut drafting time by up to 50%.
Reduction of external legal spend for legal departments: You may be able to keep more work in-house, leading to cost savings and getting through matters faster.
For example, an in-house legal team outsources all nondisclosure agreement (NDA) work to an external law firm at an annual cost of $50,000 on a fixed fee basis. The in-house legal team estimates savings of 75 percent if they automated the NDA and did the work in-house instead.
An AI inflection point
GenAI in legal is about to hit an inflection point. No doubt this will start in the corporate legal department, as you continue to innovate and look for ways to meet the growing needs of your organizations. Law firms will follow in response to pressure from clients like you.
AI-powered legal drafting will be a key element in this inflection. Use CoCounsel Drafting from Thomson Reuters to transform your workload, with great time savings, reduced errors, and better consistency across the department. That efficiency and reduction in manual tasks frees up time to provide more strategic counsel and even greater value to your organization.
Using CoCounsel Drafting from Thomson Reuters can transform your in-house legal team’s efficiency. Learn more about this cutting-edge AI-powered drafting tool.
CoCounsel Drafting
Powered by professional-grade GenAI for legal professionals
Cut drafting in half
← Back to blog
The post The promise of AI-powered legal drafting for in-house teams appeared first on Thomson Reuters Law Blog.
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings