Contract drafting assistants are the most recent wave of legal AI-based tools to promise streamlined processes and enhanced efficiency for lawyers. Monica Goyal, Caravel’s Director of Legal Innovation, sat down with us to discuss contract drafting assistants and the various tools that are currently available.
What is a contract drafting assistant?
Contract drafting assistants typically leverage some form of AI to assist with reviewing and redlining documents. We’re also starting to see generative AI and large language models incorporated into these tools, meaning their functions can extend to document Q&A’s, drafting summaries, and predicting language (predicting clause language for a contract, for example).
These tools are built for efficiency. They streamline processes, make information more accessible, and they potentially result in an improved output. For example, a firm or law department could program a contract drafting assistant system with a specific contract template or playbook. As they draft and review new contracts within the system, they will be compared against the template or playbook. If you use these tools correctly, they will benefit you in the long term.
However, it is worth emphasizing that any time you use a tool that leverages generative AI, you must diligently review the output. These tools can be powerful, but they still require a lawyer’s keen-eyed review.
What does the market currently look like for contract drafting assistants?
There are many solutions out there, more than I could even begin to cover. Some are using GPT technology to create document review and editing tools, others are creating their own AI technology and platforms for contract drafting. Given their efficiency and their availability, it is not a question of if you should use a contract drafting assistant, but which one you should use.
Monica highlighted some of the tools that stand out on the market currently:
Spellbook is a Canadian AI software that leverages GPT-4 and other large language models to review and suggest terms for your contracts. Some of Spellbook’s features include:
- Contract review, with comments and edits specified based on which party you’re representing;
- Drafting email summaries of the contract;
- Auto-suggested contract clause language; and
- Direct Microsoft Word plug-in
Spellbook’s features lend itself to the solo or small firm lawyer, fitting right into your existing workflow and relying on generative AI models, rather than requiring access to an internal bank of information.
Spellbook does currently have a waitlist option available for early access to the platform, and a free version of their tool.
DraftWise is an end-to-end drafting and negotiating AI solution for lawyers to ensure draft accuracy. DraftWise’s functions include:
- Accessing your firm’s knowledge quickly and efficiently (through a contract repository or knowledge base) using the AI technology they developed;
- Leveraging client preferences which can be embedded into your data;
- Providing suggested clause language based on the existing language in your repository; and
- Redlining and reviewing contracts
DraftWise does not currently have generative AI features available to the public, but they are working on features that should be available on their platform in the new year.
DraftWise is best suited for medium to large firms that have a fulsome and well-maintained contract repository. You can currently request a demo to explore the tool and its features.
Henchman is a European-based contract drafting platform which leverages a multi-LLM approach. Henchman’s features include:
- Pulling information from an information bank or contract repository to suggest relevant contract clauses and language;
- Highlighting relevant information, including risks;
- Identifying areas to be reworked to ensure all parties are represented fairly;
- Henchman leverages some generative AI capabilities, including drafting email summaries;
- Henchman has built their own AI, and they have also started building new tools using large language models; and
- Henchman operates in different languages, including English and French
Again, because Henchman relies on a well-maintained contract repository, it is typically best suited for medium to large firms.
Henchman has a base pricing model, with the option for add-ons at an additional cost. You can request a quote from Henchman.
Robin.AI is an England-based company with its own AI platform where you can upload your contracts for review. Robin.AI can:
- Review and redline contracts;
- Refer back to the information you’ve already uploaded to help you draft and refine the new document;
- Answer questions about the document you’re reviewing using generative AI incorporated into their workflow; and
- It can be programmed based on your precedents and contracts
Robin.AI is separate from your typical workflow, as it is not currently built into Microsoft Word but functions in its own platform. However, it does still offer the opportunity for streamlined processes and efficiency, in a new setting.
Pricing and accessibility make Robin.AI fit for businesses of all sizes. They offer a free trial version of their software, and you can request a demo to review their platform as well.
Macro is an American AI-powered Word and PDF editor that helps you navigate long documents, understand detailed information, and write and collaborate with your team. Some of Macro’s stand-out features include:
- Definition pulling – when you upload an agreement, Macro’s software will identify and define key terminology; and
- Reviewing and redlining documents
Macro has a tiered pricing system with a free plan option as well, making it user-friendly for everyone from solo lawyers to large firms.
Caravel Law leverages a variety of innovative legal technologies. For more information on how our team uses legal tech to provide our clients with the support they need, contact us today!