New CoCounsel Drafting Makes Contract Creation Easier

Thomson Reuters (TSX/NYSE: TRI), a global content-driven technology company, announced the launch of CoCounsel Drafting, an end-to-end drafting solution that streamlines and improves the drafting process for legal professionals within Microsoft Word. CoCounsel Drafting is the latest set of capabilities available for CoCounsel, the first professional-grade GenAI assistant from Thomson Reuters.

With CoCounsel Drafting, users can easily and quickly move through the phases of contract creation. The solution allows them to find the best starting point from their own databases or Practical Law templates, use content from Practical Law alongside their legal department’s or firm’s contract repository to draft or revise clauses, automate deviation analysis using Practical Law contract playbooks, and correct common drafting errors. This solution uses AI to refine and review documents, producing more accurate, higher-quality work – without leaving Microsoft Word.

“Many of our attorneys – at various stages in their careers – are already using CoCounsel Drafting. Its seamless Microsoft Word integration means they can begin using it with little training and realising ROI almost immediately,” said Joshua R. Driskell, managing partner at Lagerlof LLP. “Based on our team’s experiences, I know using this tool will save an attorney at least one to two hours overall on a project. And the integration of Practical Law with CoCounsel Drafting, both working from within Microsoft Word, allows for a streamlined workflow with fewer distractions.”

“There are substantial time savings when using CoCounsel Drafting,” said J.J. Ball, legal counsel for Systemiq. “When 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 utilising the tool to get drafting work done.”

Thomson Reuters CoCounsel, the professional-grade GenAI assistant, enables legal professionals to delegate substantive legal tasks and get thorough, accurate results at faster speeds.

CoCounsel Drafting Empowers Lawyers

• Find the best starting point. Use their organisation’s contract repositories, Contract Express templates or Practical Law standard documents.
• Find specific clause language. Search libraries of curated clauses pulled from their contracts, SEC exhibits and Practical Law clauses.
• Draft and modify clauses. Use natural language to improve clause wording and locate ideal terms, pairing CoCounsel with Practical Law content.
• Review contracts. Maximise efficiency by comparing third-party contracts to playbooks to quickly spot missing clauses, pinpoint deviations, and automate redlining.
• Increase productivity. Eliminate pains associated with everyday drafting using secure, professional-grade generative AI trained on trusted content.

These capabilities are available today, and more are coming this year, including litigation drafting capabilities. Additionally, CoCounsel Drafting will be available in the UK later this year, with availability in Canada to follow.

“Lawyers can often spend a significant amount of their time drafting legal documents and reviewing contracts, and based on feedback in our beta testing, CoCounsel Drafting substantially reduces the amount of time spent drafting,” said Jake Heller, Head of Product, CoCounsel, Thomson Reuters. “With CoCounsel’s new drafting capabilities, customers benefit from simpler, more efficient processes that increase productivity, streamline drafting, and save huge amounts of time without compromising quality. Bringing CoCounsel’s technology to drafting will tackle problems no other solution can.”