{"id":97610,"date":"2024-12-10T12:01:50","date_gmt":"2024-12-10T20:01:50","guid":{"rendered":"https:\/\/xira.com\/p\/2024\/12\/10\/cocounsel-the-legal-ai-assistant-and-tool-essential-for-legal-teams-sponsored\/"},"modified":"2024-12-10T12:01:50","modified_gmt":"2024-12-10T20:01:50","slug":"cocounsel-the-legal-ai-assistant-and-tool-essential-for-legal-teams-sponsored","status":"publish","type":"post","link":"https:\/\/xira.com\/p\/2024\/12\/10\/cocounsel-the-legal-ai-assistant-and-tool-essential-for-legal-teams-sponsored\/","title":{"rendered":"CoCounsel: The Legal AI Assistant And Tool Essential For Legal Teams [Sponsored]"},"content":{"rendered":"<p>Overview of legal-focused generative AI tools and how CoCounsel constitutes the most comprehensive set of critical legal tasks.<br \/>\nThe post CoCounsel: The Legal AI Assistant And Tool Essential For Legal Teams appeared first on Above the Law.<\/p>\n<div class=\"article-subtitle\">\n<p>Overview of legal-focused generative AI tools and how CoCounsel constitutes the most comprehensive set of critical legal tasks<\/p>\n<\/div>\n<p><a href=\"https:\/\/legal.thomsonreuters.com\/blog\/\" rel=\"nofollow noopener\" target=\"_blank\">\u2190 Blog home<\/a><\/p>\n<p>Sometimes you stare a mountain of work in the face and know that only you can complete it. Because a more senior lawyer is counting on you, or because you are the expert and you need to own a project from start to finish. Sometimes there simply isn\u2019t another person who can lend a hand.<\/p>\n<p>What the industry is discovering is that generative artificial intelligence (GenAI) can more than lend a hand. With a trusted <a href=\"https:\/\/legal.thomsonreuters.com\/en\/legal\/artificial-intelligence\" target=\"_blank\" rel=\"noopener nofollow\">AI legal assistant like CoCounsel<\/a> from Thomson Reuters, legal professionals can dramatically reduce the time they spend on review, analysis, drafting, and other time-intensive tasks.<\/p>\n<table>\n<tbody>\n<tr>\n<td>Highlights:\u00a0<\/p>\n<ul>\n<li>AI-powered tools can automate repetitive tasks, improve efficiency and accuracy, and assist in document processing, legal research, contract analysis, and drafting.<\/li>\n<li>Generative AI can help legal teams stay organized, share information, and improve knowledge management.<\/li>\n<li>Ethical concerns arise with the use of AI in legal work, and attorneys must ensure they understand the technology and verify the accuracy of AI-generated content.<\/li>\n<li>Legal-specific AI tools trained on non-open legal data provide more trustworthy and accurate output compared to public-facing AI tools.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Jump to \u2193<\/p>\n<p><a href=\"https:\/\/bit.ly\/3TQvTwU#what-is-AI-legal-assistant\" rel=\"nofollow noopener\" target=\"_blank\">What is an AI legal assistant?<\/a><\/p>\n<table>\n<tbody>\n<tr>\n<td><a href=\"https:\/\/bit.ly\/3TQvTwU#how-is-AI-used-in-the-legal-profession\" rel=\"nofollow noopener\" target=\"_blank\">How is AI used in the legal profession?<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table>\n<tbody>\n<tr>\n<td><a href=\"https:\/\/bit.ly\/3TQvTwU#ethical-implications\" rel=\"nofollow noopener\" target=\"_blank\">Ethical implications<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table>\n<tbody>\n<tr>\n<td><a href=\"https:\/\/bit.ly\/3TQvTwU#trust-and-accuracy\" rel=\"nofollow noopener\" target=\"_blank\">Trust and accuracy concerns<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"what-is-AI-legal-assistant\">What is an AI legal assistant?<\/h2>\n<p>An AI legal assistant is a GenAI tool that helps legal professionals to reliably delegate simple and complex tasks. CoCounsel is the first professional-grade GenAI assistant from Thomson Reuters. It handles a variety of legal tasks in a single, user-friendly interface. With CoCounsel as your legal assistant you can quickly and accurately complete tasks like the following:<\/p>\n<ul>\n<li>Prepare for a deposition<\/li>\n<li>Search a database<\/li>\n<li>Review documents and <a href=\"https:\/\/legal.thomsonreuters.com\/blog\/how-ai-enabled-tech-can-ease-the-headache-of-contract-review\/\" rel=\"nofollow noopener\" target=\"_blank\">contracts<\/a><\/li>\n<li>Summarize long, complex documents<\/li>\n<li>Extract contract data<\/li>\n<li>Monitor contract policy compliance<\/li>\n<li>Draft correspondence<\/li>\n<li>Assemble timelines<\/li>\n<\/ul>\n<p>Explore these tasks in further detail below with specific use cases in the legal profession.<\/p>\n<h2 id=\"how-is-AI-used-in-the-legal-profession\">AI use cases<\/h2>\n<p><a href=\"https:\/\/legal.thomsonreuters.com\/blog\/ais-impact-on-law-firms-of-every-size\/\" rel=\"nofollow noopener\" target=\"_blank\">The use of AI at law firms<\/a> has transitioned from a mere desire to an essential requirement. It is changing the way we do business, much the same way as email did in the 1990s. As digital transformation continues to advance, AI will become ubiquitous and an indispensable assistant to practically every attorney and legal professional, freeing up time for tasks that add greater value such as thinking and advising.<\/p>\n<p>Jump to \u2193<\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<figure id=\"attachment_9419\" aria-describedby=\"caption-attachment-9419\" class=\"wp-caption alignleft\"><a href=\"https:\/\/bit.ly\/3TQvTwU#synthesis-and-summarization\" rel=\"nofollow noopener\" target=\"_blank\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"123015\" data-has-transparency=\"true\" class=\"has-transparency wp-image-9419\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/01\/diagram-venn.png?resize=64%2C51&#038;ssl=1\" alt=\"data synthesis and analysis icon\" width=\"64\" height=\"51\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"123015\" data-has-transparency=\"true\" class=\"lazyload has-transparency wp-image-9419\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/01\/diagram-venn.png?resize=64%2C51&#038;ssl=1\" alt=\"data synthesis and analysis icon\" width=\"64\" height=\"51\" title=\"\"><\/a><figcaption id=\"caption-attachment-9419\" class=\"wp-caption-text\">Data synthesis and analysis<\/figcaption><\/figure>\n<\/td>\n<td>\n<figure id=\"attachment_9420\" aria-describedby=\"caption-attachment-9420\" class=\"wp-caption alignleft\"><a href=\"https:\/\/bit.ly\/3TQvTwU#data-and-contract-analysis\" rel=\"nofollow noopener\" target=\"_blank\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"123015\" data-has-transparency=\"true\" class=\"has-transparency wp-image-9420\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/01\/memo-circle-check.png?resize=64%2C57&#038;ssl=1\" alt=\"data and contract analysis icon\" width=\"64\" height=\"57\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"123015\" data-has-transparency=\"true\" class=\"lazyload has-transparency wp-image-9420\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/01\/memo-circle-check.png?resize=64%2C57&#038;ssl=1\" alt=\"data and contract analysis icon\" width=\"64\" height=\"57\" title=\"\"><\/a><figcaption id=\"caption-attachment-9420\" class=\"wp-caption-text\">Data and contract analysis<\/figcaption><\/figure>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table>\n<tbody>\n<tr>\n<td>\n<figure id=\"attachment_9421\" aria-describedby=\"caption-attachment-9421\" class=\"wp-caption alignleft\"><a href=\"https:\/\/bit.ly\/3TQvTwU#legal-research\" rel=\"nofollow noopener\" target=\"_blank\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"123015\" data-has-transparency=\"true\" class=\"has-transparency wp-image-9421\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/01\/bookmark.png?resize=64%2C86&#038;ssl=1\" alt=\"legal research icon\" width=\"64\" height=\"86\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"123015\" data-has-transparency=\"true\" class=\"lazyload has-transparency wp-image-9421\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/01\/bookmark.png?resize=64%2C86&#038;ssl=1\" alt=\"legal research icon\" width=\"64\" height=\"86\" title=\"\"><\/a><figcaption id=\"caption-attachment-9421\" class=\"wp-caption-text\">Legal research<\/figcaption><\/figure>\n<\/td>\n<td>\n<figure id=\"attachment_9422\" aria-describedby=\"caption-attachment-9422\" class=\"wp-caption alignleft\"><a href=\"https:\/\/bit.ly\/3TQvTwU#legal-drafting\" rel=\"nofollow noopener\" target=\"_blank\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"123015\" data-has-transparency=\"true\" class=\"has-transparency wp-image-9422\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/01\/font-case.png?resize=64%2C51&#038;ssl=1\" alt=\"legal drafting icon\" width=\"64\" height=\"51\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"123015\" data-has-transparency=\"true\" class=\"lazyload has-transparency wp-image-9422\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/01\/font-case.png?resize=64%2C51&#038;ssl=1\" alt=\"legal drafting icon\" width=\"64\" height=\"51\" title=\"\"><\/a><figcaption id=\"caption-attachment-9422\" class=\"wp-caption-text\">Legal drafting<\/figcaption><\/figure>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table>\n<tbody>\n<tr>\n<td>\n<figure id=\"attachment_9424\" aria-describedby=\"caption-attachment-9424\" class=\"wp-caption alignleft\"><a href=\"https:\/\/bit.ly\/3TQvTwU#m-and-a-due-diligence\" rel=\"nofollow noopener\" target=\"_blank\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"123015\" data-has-transparency=\"true\" class=\"has-transparency wp-image-9424\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/01\/list-check-1.png?resize=64%2C64&#038;ssl=1\" alt=\"M&amp;A icon\" width=\"64\" height=\"64\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"123015\" data-has-transparency=\"true\" class=\"lazyload has-transparency wp-image-9424\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/01\/list-check-1.png?resize=64%2C64&#038;ssl=1\" alt=\"M&amp;A icon\" width=\"64\" height=\"64\" title=\"\"><\/a><figcaption id=\"caption-attachment-9424\" class=\"wp-caption-text\">M&amp;A due diligence<\/figcaption><\/figure>\n<\/td>\n<td>\n<figure id=\"attachment_9425\" aria-describedby=\"caption-attachment-9425\" class=\"wp-caption alignleft\"><a href=\"https:\/\/bit.ly\/3TQvTwU#knowledge-management\" rel=\"nofollow noopener\" target=\"_blank\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"123015\" data-has-transparency=\"true\" class=\"has-transparency wp-image-9425\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/01\/folder-open.png?resize=64%2C57&#038;ssl=1\" alt=\"knowledge management icon\" width=\"64\" height=\"57\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"123015\" data-has-transparency=\"true\" class=\"lazyload has-transparency wp-image-9425\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/01\/folder-open.png?resize=64%2C57&#038;ssl=1\" alt=\"knowledge management icon\" width=\"64\" height=\"57\" title=\"\"><\/a><figcaption id=\"caption-attachment-9425\" class=\"wp-caption-text\">Knowledge management<\/figcaption><\/figure>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<table>\n<tbody>\n<tr>\n<td>\n<figure id=\"attachment_9426\" aria-describedby=\"caption-attachment-9426\" class=\"wp-caption alignleft\"><a href=\"https:\/\/bit.ly\/3TQvTwU#onboarding-and-learning\" rel=\"nofollow noopener\" target=\"_blank\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"123015\" data-has-transparency=\"true\" class=\"has-transparency wp-image-9426\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/01\/id-card-clip.png?resize=64%2C57&#038;ssl=1\" alt=\"onboarding and learning icon\" width=\"64\" height=\"57\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"123015\" data-has-transparency=\"true\" class=\"lazyload has-transparency wp-image-9426\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/01\/id-card-clip.png?resize=64%2C57&#038;ssl=1\" alt=\"onboarding and learning icon\" width=\"64\" height=\"57\" title=\"\"><\/a><figcaption id=\"caption-attachment-9426\" class=\"wp-caption-text\">Onboarding and learning<\/figcaption><\/figure>\n<\/td>\n<td>\n<figure id=\"attachment_9427\" aria-describedby=\"caption-attachment-9427\" class=\"wp-caption alignleft\"><a href=\"https:\/\/bit.ly\/3TQvTwU#plain-language-prompting\" rel=\"nofollow noopener\" target=\"_blank\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"123015\" data-has-transparency=\"true\" class=\"has-transparency wp-image-9427\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/01\/laptop-code.png?resize=64%2C51&#038;ssl=1\" alt=\"plain language prompting icon\" width=\"64\" height=\"51\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"123015\" data-has-transparency=\"true\" class=\"lazyload has-transparency wp-image-9427\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/01\/laptop-code.png?resize=64%2C51&#038;ssl=1\" alt=\"plain language prompting icon\" width=\"64\" height=\"51\" title=\"\"><\/a><figcaption id=\"caption-attachment-9427\" class=\"wp-caption-text\">Plain language prompting<\/figcaption><\/figure>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 id=\"synthesis-and-summarization\">Search and summarize<\/h3>\n<p>Creating, reviewing and sending various documents forms a large part of an attorney\u2019s daily tasks that can be drastically improved with GenAI. Legal professionals at all levels \u2013 from paralegals to partners in AmLaw 100 firms and Fortune 50 in-house teams \u2013 use CoCounsel to produce top-quality work with greater speed and accuracy. Legal professionals can focus on the rewarding work that machines can\u2019t do because CoCounsel reduces hands on time significantly,<\/p>\n<p>For instance, many lawyers use their AI tools to create concise summaries of legal issues and data sets for their clients and stakeholders. Then they spend time with them answering questions and advancing the strategy rather than sweating over the documents and summaries themselves.<\/p>\n<p><strong>Zach Warren<\/strong>Manager, Technology and Innovation, Thomson Reuters Institute<\/p>\n<p>One litigation managing attorney told us that \u201cCoCounsel helps improve the quality of our representation. It finds things in 2,000- page police reports and transcripts that humans miss. And it doesn\u2019t just read, it interprets\u2014that\u2019s the game-changer.\u201d<\/p>\n<h3 id=\"data-and-contract-analysis\">Data and contract analysis<\/h3>\n<p>CoCounsel can read and analyze vast quantities of material quickly and accurately. For instance, it will take a person one to four hours to review 100 pages of material, depending on the level of redaction and e-discovery coding. A GenAI tool like CoCounsel reads a hundred pages in their entirety and can answer complex questions about them in three minutes.<\/p>\n<p>With the power of AI in your <a href=\"https:\/\/legal.thomsonreuters.com\/blog\/technology-in-law-is-the-new-norm\/\" rel=\"nofollow noopener\" target=\"_blank\">legal tech<\/a> tools, you can sort files rapidly and seamlessly without needing to manually examine them. The range of assistance offered by legal-focused generative AI improves the legal firm\u2019s or department\u2019s output by facilitating the legal professional\u2019s ability to apply their higher-level expertise to the work at hand.<\/p>\n<table>\n<tbody>\n<tr>\n<td><a href=\"https:\/\/legal.thomsonreuters.com\/en\/legal\/artificial-intelligence#form\" target=\"_blank\" rel=\"noopener nofollow\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"fcfaf6\" data-has-transparency=\"true\" class=\"has-transparency aligncenter wp-image-9436 size-full\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/08\/Intelligent-Document-Analysis_GIF.gif?resize=480%2C270&#038;ssl=1\" alt=\"Intelligent Document Analysis GIF\" width=\"480\" height=\"270\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"fcfaf6\" data-has-transparency=\"true\" class=\"lazyload has-transparency aligncenter wp-image-9436 size-full\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/08\/Intelligent-Document-Analysis_GIF.gif?resize=480%2C270&#038;ssl=1\" alt=\"Intelligent Document Analysis GIF\" width=\"480\" height=\"270\" title=\"\"><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>GenAI provides a <a href=\"https:\/\/legal.thomsonreuters.com\/en\/insights\/articles\/best-ai-for-legal-research\" rel=\"nofollow noopener\" target=\"_blank\">jumpstart on legal research<\/a> by reducing the time legal professionals must spend sifting through legal documents and summarizing content. These tools can produce in moments an informative version of research complete with citations for case law that would have previously taken hours or days.<\/p>\n<p><strong>Zena Applebaum<\/strong>Global VP, Product Marketing for Research Products for Thomson Reuters<\/p>\n<p>Lawyers can then apply their expertise to refining the results to ensure that the research output is high quality, thorough, and even more accurate.<\/p>\n<h3 id=\"legal-drafting\">Legal drafting<\/h3>\n<p>Need to find the best starting points with trusted contract language and legal document templates? According to Thomson Reuters research, lawyers can spend up to <a href=\"https:\/\/legal.thomsonreuters.com\/blog\/legal-drafting-challenges-risks-and-opportunities\/\" rel=\"nofollow noopener\" target=\"_blank\">56% of their time drafting documents<\/a>, they still take more than 15 minutes just to find a good starting point for their draft.<\/p>\n<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"f2f2f2\" data-has-transparency=\"true\" class=\"has-transparency alignnone size-full wp-image-9880\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/08\/Sale-of-goods-document-search-on-CoCounsel.png?resize=792%2C446&#038;ssl=1\" alt=\"Sale of goods with provisions document search on CoCounsel\" width=\"792\" height=\"446\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"f2f2f2\" data-has-transparency=\"true\" class=\"lazyload has-transparency alignnone size-full wp-image-9880\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/08\/Sale-of-goods-document-search-on-CoCounsel.png?resize=792%2C446&#038;ssl=1\" alt=\"Sale of goods with provisions document search on CoCounsel\" width=\"792\" height=\"446\" title=\"\"><\/p>\n<p>Now you can transform how you draft documents with a secure, <a href=\"https:\/\/legal.thomsonreuters.com\/en\/products\/cocounsel-drafting\" target=\"_blank\" rel=\"noopener nofollow\">GenAI-enabled solution<\/a> integrated directly into Microsoft Word that leverages Practical Law and your own repository. Legal-focused GenAI can draft clauses from scratch, modify existing language of a contract, summarize lengthy clauses, and answer questions about their terms.<\/p>\n<table>\n<tbody>\n<tr>\n<td><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"f2f2f2\" data-has-transparency=\"true\" class=\"has-transparency alignnone wp-image-9079 size-full\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/07\/CoCounsel-Drafting-in-Word.png?resize=792%2C446&#038;ssl=1\" alt=\"CoCounsel Drafting screenshot in Word\" width=\"792\" height=\"446\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"f2f2f2\" data-has-transparency=\"true\" class=\"lazyload has-transparency alignnone wp-image-9079 size-full\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/07\/CoCounsel-Drafting-in-Word.png?resize=792%2C446&#038;ssl=1\" alt=\"CoCounsel Drafting screenshot in Word\" width=\"792\" height=\"446\" title=\"\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3 id=\"m-and-a-due-diligence\">Streamlined M&amp;A due diligence<\/h3>\n<p><a href=\"https:\/\/legal.thomsonreuters.com\/en\/insights\/articles\/how-ai-and-document-intelligence-are-changing-the-legal-tech-game\" rel=\"nofollow noopener\" target=\"_blank\">M&amp;A due diligence<\/a> is a tedious task that limits your time and ability to innovate and creatively problem-solve.<\/p>\n<p>Using AI tools for analysis and review of documents saves time and allows you to focus on more valuable pursuits, which facilitates enhanced creativity and allows you to focus exclusively on the tasks that only a person can handle \u2013 the job you were trained to do and the job you are passionate about.<\/p>\n<table>\n<tbody>\n<tr>\n<td><a href=\"https:\/\/legal.thomsonreuters.com\/blog\/end-to-end-transaction-management-workflow\/\" rel=\"nofollow noopener\" target=\"_blank\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"aa9c97\" data-has-transparency=\"true\" class=\"has-transparency aligncenter wp-image-9044 size-full\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/07\/Screenshot-2024-07-18-at-12.29.28-PM.png?resize=394%2C415&#038;ssl=1\" alt=\"transaction management blog thumbnail\" width=\"394\" height=\"415\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"aa9c97\" data-has-transparency=\"true\" class=\"lazyload has-transparency aligncenter wp-image-9044 size-full\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/07\/Screenshot-2024-07-18-at-12.29.28-PM.png?resize=394%2C415&#038;ssl=1\" alt=\"transaction management blog thumbnail\" width=\"394\" height=\"415\" title=\"\"><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>One knowledge management counsel in an AmLaw 200 firm used CoCounsel and told us, \u201cWhen I was a junior associate doing M&amp;A contract due diligence, I remember spending so much time in the data room doing manually what CoCounsel can do in minutes. [This is] really amazing stuff!\u201d<\/p>\n<h3 id=\"knowledge-management\">Improved knowledge management<\/h3>\n<p>GenAI can help legal teams stay organized and share information via <a href=\"https:\/\/legal.thomsonreuters.com\/en\/insights\/articles\/highq-and-document-intelligence-level-up-m-and-a-due-diligence-reviews\" rel=\"nofollow noopener\" target=\"_blank\">cross-functional tools<\/a>. Better and faster methods of saving, indexing, identifying, and disseminating lawyers\u2019 prior work and collective expertise helps legal firms and departments solve legal and business problems more effectively.<\/p>\n<h3 id=\"onboarding-and-learning\">Enhanced onboarding and learning<\/h3>\n<p>Demonstrate the value of your legal team by delivering better advice faster than ever before. Legal-focused GenAI tools help users get up to speed quickly without extensive training, whether they are new to a firm or gaining knowledge about an unfamiliar area of law.<\/p>\n<p>These tools also help users learn new skills in a hands-on way as they work, reducing the need for as many formalized skill-development interventions, saving time and money.<\/p>\n<h3 id=\"plain-language-prompting\">Plain-language prompting to navigate complexity<\/h3>\n<p>Those unfamiliar with a given area of law may struggle to know where to start or which language is most applicable in searching for resources.<\/p>\n<p>Generative AI tools that can be prompted <a href=\"https:\/\/legal.thomsonreuters.com\/blog\/legal-how-to-meets-generative-ai\/\" rel=\"nofollow noopener\" target=\"_blank\">using plain-language<\/a> queries allow users to access faster answers to complicated legal questions. Since NLP (Natural Language Processing) is used to understand questions and generate meaningful human language, legal professionals can rapidly organize information to help develop successful arguments.<\/p>\n<h2 id=\"ethical-implications\">Ethical implications<\/h2>\n<p>Using AI in legal work raises significant <a href=\"https:\/\/legal.thomsonreuters.com\/blog\/the-key-legal-issues-with-gen-ai\/#ethical-pitfalls\" rel=\"nofollow noopener\" target=\"_blank\">ethical concerns<\/a>. Attorneys must ensure they fully understand the technology they use, as required by their duty to provide competent representation, which includes staying updated on technological advancements and understanding the benefits and risks of AI. This is crucial because failing to verify the accuracy of AI-generated content could lead to ethical violations.<\/p>\n<h2 id=\"trust-and-accuracy\">Trust and accuracy<\/h2>\n<p>Repetitive and manual processes and are typically prone to human error and can introduce an unnecessary element of risk. AI models developed and <a href=\"https:\/\/legal.thomsonreuters.com\/blog\/generative-ai-balancing-innovation-with-human-oversight\/\" rel=\"nofollow noopener\" target=\"_blank\">backed by expert human oversight<\/a> give you a competitive edge by improving accuracy and thus reducing risk.<\/p>\n<p>We\u2019ve found that GenAI can do some tasks even more accurately than a human can, and in less time. For instance, extracting key obligations for 2,000 contracts takes more than 80 hours and is prone to a <a href=\"https:\/\/elle.lawyer\/blog\/the-range-of-error-accepted-in-ai-utilization-vs-human-error-in-the-legal-sector\/\" target=\"_blank\" rel=\"noopener nofollow\">human error rate of 10-20%<\/a>, according to ELLEgal. GenAI retrieves critical information with at least 96% accuracy and requires fewer than six hours of hands-on time to meet a 48-hour deadline. The AI assistant ensures high accuracy in identifying relevant sections and issues.<\/p>\n<p>One of the challenges with widely available GenAI tools is that they are incredibly prone to making up an answer that isn\u2019t based in fact. AI assistants are as reliable as the information they analyze. Many general-use GenAI tools are known for making up answers that aren\u2019t based in fact because they do not have the proper guardrails. However, if your GenAI legal assistant only draws on legal information, as CoCounsel does, you can have confidence.<\/p>\n<p>Legal organizations should <a href=\"https:\/\/legal.thomsonreuters.com\/blog\/due-diligence\/\" rel=\"nofollow noopener\" target=\"_blank\">perform due diligence<\/a> to find out which data sets are used to train the LLM (large language models) used to enhance the accuracy of work product. By understanding the quality and scope of the training data, they can be confident that their output will be <a href=\"https:\/\/legal.thomsonreuters.com\/blog\/generative-ai-can-enhance-your-legal-work\/\" rel=\"nofollow noopener\" target=\"_blank\">more trustworthy and accurate<\/a> than other LLMs.<\/p>\n<table>\n<tbody>\n<tr>\n<td><a href=\"https:\/\/legal.thomsonreuters.com\/en\/insights\/white-papers\/genai-for-legal-professionals-what-to-know-and-what-to-do\/form?gatedContent=%252Fcontent%252Fewp-marketing-websites%252Flegal%252Fgl%252Fen%252Finsights%252Fwhite-papers%252Fgenai-for-legal-professionals-what-to-know-and-what-to-do\" target=\"_blank\" rel=\"noopener nofollow\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"969696\" data-has-transparency=\"true\" class=\"has-transparency wp-image-7708 aligncenter\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/03\/GenAI-white-paper.png?resize=300%2C355&#038;ssl=1\" alt=\"White paper thumbnail of GenAI for legal professionals\" width=\"300\" height=\"355\" title=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-dominant-color=\"969696\" data-has-transparency=\"true\" class=\"lazyload has-transparency wp-image-7708 aligncenter\" src=\"https:\/\/i0.wp.com\/legal.thomsonreuters.com\/blog\/wp-content\/uploads\/sites\/19\/2024\/03\/GenAI-white-paper.png?resize=300%2C355&#038;ssl=1\" alt=\"White paper thumbnail of GenAI for legal professionals\" width=\"300\" height=\"355\" title=\"\"><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Join the movement<\/h2>\n<p>Did you know that 79% of leaders expect GenAI to drive substantial transformation over the next three years? And 31% say it will happen in less than one year. Today, eighty-one percent of professionals believe that GenAI can be applied to their work. Within legal specifically, 58% of in-house counsel expect their outside law firms to use GenAI.<\/p>\n<p>Things are moving fast in technology and in your workload. Efficiency and accuracy are crucial. And as more clients adopt GenAI, your use of modern tools will become even more important. Using a comprehensive assistant like CoCounsel is a better experience for users than trying to learn different systems and move between them as the task demands.<\/p>\n<p>Feedback from early adopters of CoCounsel tells us that they find it reliable and effective. They appreciate that CoCounsel provides a single access point. It retrieves products and documents as needed. Users find that getting work done will take the form of an ongoing \u201cconversation\u201d with their GenAI assistant.<\/p>\n<p>In the not-too-distant future GenAI will be in every lawyer\u2019s toolkit. You can take advantage of the benefits in these early days and help shape your organization\u2019s GenAI transformation.<\/p>\n<p>The power of a GenAI legal assistant is just a few clicks away. Find out more about CoCounsel and <a href=\"https:\/\/legal.thomsonreuters.com\/en\/legal\/artificial-intelligence#form\" target=\"_blank\" rel=\"noopener nofollow\">request a demo today<\/a>.<\/p>\n<p>Originally published August 30, 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Overview of legal-focused generative AI tools and how CoCounsel constitutes the most comprehensive set of critical legal tasks. The post CoCounsel: The Legal AI Assistant And Tool Essential For Legal Teams appeared first on Above the Law. Overview of legal-focused generative AI tools and how CoCounsel constitutes the most comprehensive set of critical legal tasks [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":97611,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,17],"tags":[],"class_list":["post-97610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-above_the_law","category-legal_matters"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/xira.com\/p\/wp-content\/uploads\/2024\/12\/CoCounsel-Legal-AI-wRbWNX.webp?fit=350%2C198&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/posts\/97610","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/comments?post=97610"}],"version-history":[{"count":0,"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/posts\/97610\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/media\/97611"}],"wp:attachment":[{"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/media?parent=97610"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/categories?post=97610"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/tags?post=97610"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}