If you are looking for a legal firm to help you and your business with legal matters, Practical Law is the one!
This article will define Practical Law and explain how it can help you with all of your legal issues. So, let’s get started.
Introduction of Practical law
West Publishing Corporation is the parent company of Practical Law. It is a legal publishing company whose goal is to provide legal knowledge to business lawyers. It also serves as a secretariat for the GC100, a group of general counsel and corporate secretaries.
Historically, this company was founded in the early 1990s. Chris Millerchip and Rob Dow are the company’s founders. The company was founded to publish PLC Magazine. However, as time passed, the Company grew to provide primarily web-based subscription services to various law firms and law departments. These law firms and departments tried to deal with a wide range of issues, including corporate, finance, property, taxation, and intellectual property, among others.
In the United Kingdom, Practical Laws then began its journey toward transactional lawyers.
Mr. Chris Millerchip, the Company’s co-founder, stated:
When we were practicing, “we made up whatever we wanted.”
Ten years later, the Company introduced a specialized set of tools to assist transactional lawyers in their work.
Practical Laws created and continues to update services such as practice notes, document templates, standard clauses, deal checklists and tools, and so on, all of which lay out the fundamentals of making deals for junior associates.
Practical Law successfully generated a staff of 500+ people in the United Kingdom. Not only does it have a branch in the United Kingdom, but it also has one in New York, with 300+ employees serving the company.
Role of Thomson Reuters’
Thomson Reuters Law Practice in One Sentence:
Thomson Reuters Practical Law is a growing collection of practice-ready reference materials for a variety of practice areas, created by a team of full-time, experienced attorney editors.
By 2013, Thomson Reuters had developed Practical Laws. Practical Law at Thomson Reuters provided:
- Access to thousands of simple-to-read forms, templates, checklists, and legal updates to help you get up to speed quickly.
- Enlightenment on a wide range of difficult subjects
- Excellent legal services were provided.
- Provided time-saving content and tools for daily tasks.
- Provided valuable solutions to difficult problems.
What exactly is the Practical Law Dynamic Tool Set?
These are cutting-edge Practical Law tools that assist users in gaining deeper insights and better answers to the subject matter under study. A demo of the Practical Law Dynamic Tool Set can also be requested by completing the official Website form.
The features of the Practical Laws Dynamic Tool Set are as follows:
Knowledge Map in Practical law
A knowledge map allows you to visually navigate a comprehensive view of your subject matter through Practical Law’s collection. As a result, the issues are thoroughly identified.
Quick Compare makes it much easier to identify local laws. Custom charts can be created using this method. These charts help in topic exploration.
What’s Market Analytics
Create data-driven insights and visualizations With What’s Market Analytics; you can create data-driven insights and visualizations. As a result, the user can easily analyze and share market trends.
Traditional research could be transformed into something more productive and influential with Dynamic Search. As a result, accurate answers with relevant links are extracted.
Matter Maps provided a high-level overview of the key phases and tasks in a legal case. It also provides links to critical resources at each step. Because these maps are interactive, users can customize them independently.
Fortunately, Practical Law has always been able to satisfy its clients and receive positive feedback. Since Thomson Reuters’s involvement, 93% of customers have reported improved work quality with Practical Law.
Mid-size Law Firm reviewed:
“For a large firm using Practical Law, the time benefit alone is exponential and huge; it allows one to spend time more effectively.”
Large Law Firm commented as:
“Practical Law serves as a valuable asset and resource, significantly cutting down on the time needed for research.”
Finally, Jess Nock, Senior Counsel at Harbison Walker International, mentioned:
“The best friend you didn’t know you needed until you had it is practical law”.
Features of Practical Law
The following are the Company’s transparent features:
- 90,000+ total resources
- 16 practice areas
- 157,000 working hours were spent in 2021, with more to come this year.
- 650+ highly experienced attorney editors worldwide keep customers up to date
Benefits of Practical Laws
The question now is, what are the benefits of applying the law? Mmmm….. Some of them joined us here:
1. Analyze Practice Area Coverage in Practical law
In-depth resources across 16 major subject areas make sure that customer needs are met precisely. As a result, it helps in the completion of your work by making you aware of the unfamiliar. As a result, it boosts your confidence. The following is a list of practice areas in which you can examine Practical Law’s extensive coverage.
- Agriculture & Rural Land
- Business Crime & Investigations
- Capital Markets
- Data Protection
- Dispute Resolution
- Financial Services
- IP & IT
- Life Sciences
- Local Government
- Media & Telecoms
- Private Client
- Property Litigation
- Public Law
- Restructuring & Insolvency
- Share Schemes & Incentives
- By using Practical Law, you can design a built-in attorney network.
Getting assistance from Practical Law is like adding a virtual extension to your team. As a result, by utilizing its resources, a person could obtain assistance from highly professional attorney editors.
2. On-Time Task Completion
Lawyers can complete tasks on time by using competent tools, which builds customer confidence.
3. Practical Law provides ready-to-use templates.
Instead of starting from scratch, it’s simple to build on what’s already there. Templates are provided by Practical Law. With professional legal guidance, one can quickly find and customize gold-standard documents, agreements, policies, and much more.
4. Comprehensive Explanations
The user can obtain simple guides to address puzzling issues by using Practice Notes. As a result, crystal clear explanations of current laws indicate that the user can get up to speed quickly.
5. Addressing Legal Issues
Through the appearance of checklists, the user can have step-by-step explanations with just a few clicks. By doing so, you can address your legal issues, save time, and achieve mental peace.
6. Examine Top-Notch Resources
The user has access to multidisciplinary and user-friendly resources through Practical Law. Additionally, it comes with a variety of editable legal forms, checklists, templates, drafting clauses, and practice notes.
7. Hasten Understanding of Practical Law
Immediate guidance from experts on the foreign legal subject matter, changes in law, and evolving trends help the user’s understanding.
Using the Practical Law Library
You will most likely find the PL start-up guide very helpful in understanding the program. Read it and discover it here.
What Else Should You Know?
What’s Market, one of Practical Law’s original tools, is popular among lawyers who draw up agreements (including settlement agreements) because it assists you in finding relevant provisions, comparing deal terms, and determining “what’s market.”
Plans and Pricing
TR has planned several strategies for gaining access to PL. Following the rule of three established by Gaius Julius Caesar in ancient Gaul (with apologies to Mr. Caesar for the literary license I have taken), all PL is divided into three categories: law firms of all sizes;
- general counsel (for nonprofits and small to medium-sized businesses)
- government (for, well, you know, governmental agencies and academic institutions)
TR designed the programs to be scalable, so you can choose a package that works for your business, whether you have one lawyer or many. They also divided the law firm section into two sections: litigation and document preparation.
The price varies according to the number of attorneys, feature set, and length of commitment.
As a final note, Practical Law is one of the most valuable resources one can have when in need. Practical Law is a trusted source of easily accessible standard documents, practice notes, checklists, legal updates, how-to guides, and other resources. It assists businesses in increasing productivity, efficiency, and response time, allowing you to provide more value to your clients.
The breadth and depth of its coverage are generally quite good. That means I can learn about a wide range of topics, some of which are related to my practice and others to my interests or simply my desire to learn something new. I see PL, particularly with its new performance enhancers, as a viable and potentially very useful tool for practicing law, learning the law, learning about different aspects of the law, and assisting with document drafting.
I also see it as a much broader-based addition to the general body of knowledge available to investigate new areas of interest in and outside of the law.