Thomson Reuters Unveils Groundbreaking CoCounsel Drafting Tool, Transforming Legal Workflows with Unmatched Efficiency and Precision

Toronto, July 15, 2024 – Thomson Reuters (TSX/NYSE: TRI), a global content-driven technology company, today 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 begin realizing 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 is substantial time savings when using CoCounsel Drafting,” said J.J. Ball, legal counsel for 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.”

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

• Find the best starting point. Use their organization’s own contract repositories, Contract Express templates or Practical Law standard documents.
• Find specific clause language. Search libraries of curated clauses pulled from their own 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. Maximize efficiency by comparing third-party contracts to playbooks to quickly spot missing clauses, pinpoint deviations, and automate redlining.
• Increase productivity. Eliminate pains that come with everyday drafting, using secure, professional-grade generative AI trained on trusted content.

These capabilities are available today, with more on the way 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 get the benefit of simpler, more efficient processes that increase productivity, streamline drafting, and save huge amounts of time, all without compromising quality. Bringing CoCounsel’s technology to drafting will tackle problems no other solution can.”

The launch of CoCounsel Drafting is the most recent milestone in the Thomson Reuters vision to provide every professional it serves with a generative AI assistant. CoCounsel is rooted in the company’s trusted content, with applications across legal, tax, risk & fraud, and media.

More information on CoCounsel Drafting can be found here.

Thomson Reuters

Thomson Reuters (NYSE / TSX: TRI) (“TR”) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit tr.com.

Contact

Ali Hughes
Ali.hughes@thomsonreuters.com

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