ByLawyers News and Updates

Commercial law AI prompts – All States

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The following new commercial law AI prompts have been added to the Companies, Trusts, Partnerships and Joint Ventures guides:

  • By Lawyers AI Prompt – Letter to client with advice on shareholders agreement;
  • By Lawyers AI Prompt – Letter to client with advice on discretionary trust deed;
  • By Lawyers AI Prompt – Letter to client with advice on unit trust deed;
  • By Lawyers AI Prompt – Letter to client with advice on partnership agreement;
  • By Lawyers AI Prompt – Letter to client with advice on joint venture agreement.

These new commercial law AI prompts will assist practitioners advising clients on complex documentation for the various types of entities.

AI prompts are transforming legal document drafting. Technical precision in prompting artificial intelligence can significantly improve the utility and credibility of its output, especially when the AI draws exclusively from data contained in client matters and not from outside sources.

A well-drafted AI prompt acts like a clear direction from a senior lawyer to a junior about how to prepare a document. It sets precise parameters for the task, identifies the required information and where it must be drawn from, specifies the document’s form and any legal or procedural rules with which it must comply, and forbids the use of external or unauthorised sources, including invention – or in AI’s case, hallucination.

The outcome of using an AI prompt in a matter that contains sufficient reliable data is a competent first draft of a document that the lawyer can then refine and perfect, either with or without further input from AI.

Even if sufficient data is not available in the matter to satisfy the prompt’s requirements for the document, the AI will identify the missing data the lawyer needs to obtain via instructions or other means.

By Lawyers is pleased to introduce AI prompts to our publications, helping our subscribers harness the power of LEAP’s Matter AI.

Partnerships – updated precedents- FED

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The By Lawyers Partnerships publication has been updated, as follows:

Partnership agreements amended in Partnerships guide

The Partnership agreement and Limited partnership agreement precedents have been amended in a number of respects, including:

    • The ‘Duration of partnership’ clause has been removed, as this is sufficiently covered in the ‘Expulsion, retirement or death of a partner’ and ‘Dissolution’ clauses;
    • A new clause 4 (b) has been inserted, to allow for non-monetary capital contributions if these are agreed between the partners. A corresponding clause has been inserted as 8(d) in the Limited partnership agreement;
    • The ‘Expulsion of a partner’ clause has been updated to become ‘Expulsion, retirement or death of a partner’ and now has improved function. Please review the clause for the changes made. The corresponding clause in the Limited partnership agreement is named ‘Termination of partner’;
    • The ‘Winding up’ clause in the Partnership agreement has been renamed ‘Dissolution’ and amended to provide additionally for the situation where the partners agree to dissolve the partnership;
    • The ‘Notices’ clause has been amended to remove facsimile delivery;
    • Various other small amendments have been made to improve readability.

New letters added to Partnerships matter plan

Two new precedents letters have been added to the Partnerships matter plan:

      • Letter to client with draft partnership agreement – for originally sending the draft partnership agreement to the client;
      • Letter to client with draft agreement – for sending later variations of the document to the client.

These additions and amendments have been made as a result of user feedback and author review, to enhance the publication and assist solicitors in their daily practice when advising upon and preparing documents for clients entering into partnerships.

Practitioners who are regular users of these precedents may benefit from a careful review of each clause in the agreements, to ensure they are familiar with the amendments.

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