Streamlining Contract Reviews with Microsoft 365 Copilot for Legal Teams
In the legal world, contract reviews are a critical yet time-consuming process. Microsoft 365 Copilot, with its advanced AI capabilities, is transforming this process, making it more efficient and accurate.
What is Microsoft 365 Copilot?
Microsoft 365 Copilot is an AI-powered tool designed to augment users in their daily tasks. It leverages machine learning (ML) and natural language processing (NLP) to understand, analyse, and generate content, making it a valuable tool for various professional fields, including legal teams.
How Can Legal Teams Benefit?
Legal teams often deal with a large volume of contracts that require careful review. This process can be tedious and prone to human error. Here’s how Microsoft 365 Copilot can help:
- Efficiency: Copilot can quickly scan through contracts and highlight key sections that require attention, saving valuable time. You can ask it to compare the contract to your default legal position to highlight areas that need further human-powered review.
- Accuracy: By learning from your organisation’s data, Copilot can identify potential issues that might be overlooked by a human reviewer which are relevant for your business.
- Consistency: Copilot ensures that all contracts are reviewed with the same level of scrutiny, reducing the risk of inconsistency in contract reviews.
A Practical Example
Let’s consider a scenario where a legal team is reviewing a commercial partnership agreement, looking for specific terms. The board has placed strategic value into this partnership, and as a result, it must have a swift review. The challenge: the document is 150 pages long and you have a number of other urgent tasks to complete that are equally as important.
With Microsoft 365 Copilot, you and your team can simply leverage the power of AI directly through the Microsoft Word application, where you can ask it to summarise the document, or begin interrogating it with the most important items that you need to see very quickly:
The prompt used in this scenario
Copilot will then begin searching, interpreting, and making sense of the document, and your query, and will return the results in plain English – in less than a minute – something which would have taken a human a good hour or so:
The results from Copilot
Microsoft 365 Copilot is revolutionising the way legal teams handle contract reviews. By automating the initial review process, it allows legal professionals to focus on more complex tasks, ultimately leading to more efficient and effective legal services. As AI technology continues to evolve, tools like Microsoft 365 Copilot will undoubtedly become increasingly integral to the legal profession.
Codestone can help!
We can help you with a free Strategic Workshop to understand more about your requirements. We also offer a Copilot Readiness Assessment, and a more in-depth AI Adoption Plan to help you get the maximum time-to-vale for your AI journey.
Contact [email protected] to begin for free.
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