The legal industry is undergoing a technology-driven transformation powered by artificial intelligence. As AI capabilities rapidly advance, legal tech tools leveraging AI are emerging to assist lawyers and streamline workflows. One key area seeing disruption is legal drafting.
What are AI Legal Drafting Tools?
AI legal drafting tools refer to software solutions that help automate and enhance the process of creating legal documents. These tools tap into natural language processing, machine learning, and other AI technologies to help draft, review, analyze, and manage contracts, briefs, motions, and other legal documents.
Key capabilities offered by AI drafting solutions include:
- Document Creation: Automated drafting based on templates, clauses, and configured structured data
- Document Review: Identifying risks, discrepancies, and missing clauses or provisions
- Data Extraction: Extracting critical info from documents like parties, dates, terms
- Analysis: Evaluating tone, readability, consistency of documents
- Collaboration: Securely sharing and managing access to documents
Benefits of AI Legal Drafting Tools
There are several key benefits fueling adoption of AI tools for legal drafting:
Increased Efficiency
By automating repetitive, manual tasks like creating first drafts or reviewing agreements, lawyers can draft documents much faster. This frees them up to focus on high-value strategic tasks.
Enhanced Accuracy & Risk Reduction
Advanced AI models identify risks in documents lawyers may overlook, like inconsistencies or missing clauses. This improves accuracy and reduces liability.
Better Collaboration
Cloud-based AI tools make it easy for distributed teams to collaborate on documents in real-time while maintaining version control.
Deep Insights
The analytical capabilities of AI help extract key insights from documents that lead to better decision making around next steps.
Cost Savings
By reducing the time lawyers spend on drafting and leveraging reusable components, AI tools lead to significant cost reductions.
Key Innovations in AI Legal Tech
As R&D in AI accelerates, legal tech tools are rapidly evolving to take advantage of the latest innovations:
More Advanced NLP Models
Legal tech providers are incorporating sophisticated natural language processing models like GPT-3 that allow for more fluent, nuanced language generation.
Specialized Legal Training
Leading solutions utilize models trained specifically on legal corpora to better understand the nuances of legal terminology and drafting.
Tighter Workflows Integration
The newest tools integrate directly into Microsoft Word and other platforms lawyers already use to minimize disruption to existing workflows.
Enhanced Analytical Features
With greater compute power, AI tools now provide rich analytical dashboards to derive key insights from documents.
Hybrid AI-Human Collaborative Models
New hybrid models combine the language prowess of AI with human-in-the-loop oversight for quality control.
Top AI Legal Drafting Solutions
Now let‘s compare some of the top AI-powered legal drafting and analysis solutions on the market today:
Kira integrates directly into contract management platforms to analyze and extract key data fields from documents using machine learning.
Key Features: risk analysis, metadata extraction, bulk document processing
Ideal For: contract analytics and data extraction
Pricing: Contact for Quote
Lexion is an AI assistant that helps draft customized legal documents after attorneys provide some initial input prompts.
Key Features: guided document creation, clause/language suggestions, analysis
Ideal For: streamlined drafting of simple agreements
Pricing: $25/month – $199/month
Contractbook provides guided contract building with integrated e-signature workflows to accelerate drafting and execution.
Key Features: pre-approved clauses, templates, e-signature integration, workflow automation
Ideal For: faster, collaborative contract creation
Pricing: $19 – $49/user/month
LinkSquares taps AI to speed up contract review by identifying critical clauses and risks across large libraries of agreements.
Key Features: contract analytics, search, discovery risks, metadata extraction
Ideal For: comprehensive contract management
Pricing: Contact for Quote
Best Practices for Leveraging AI Drafting Tools
Here are some tips for lawyers looking to integrate AI tools into drafting workflows:
- Complement tools with templates and playbooks to maximize efficiency gains
- Analyze documents early in lifecycle to mitigate downstream risks
- Focus tools on high volume areas like first draft creation
- Review all auto-generated output thoroughly before finalization
- Train tools on company-specific clause libraries and documents
- Start small with a pilot before scaling organization-wide
- Combine capabilities of multiple tools to augment strengths
The Future of AI in Legal Drafting
AI adoption for legal drafting is still in the early stages, but rapid innovation is unlocking game-changing potential.
As neural networks grow more advanced, we can expect AI tools to take on even greater responsibilities when drafting agreements. Lawyers will provide high-level guidance and intent, while AI handles templating, phrasing, and analysis.
This symbiotic human + AI approach will amplify what both sides do best. AI augments lawyers’ expertise, while lawyers provide an essential layer of quality control and supervision. This allows legal teams to focus their specialized skills on the hardest, most strategic aspects of deal-making.
Already AI drafting assistants are delivering huge time and cost savings to legal departments. As the technology matures, AI-powered tools promise to fundamentally evolve how legal documents are created and managed for years to come.
