The definitions of "practice of law" or the "unauthorized practice of law" vary from state to state. As compliance officer, I've always drawn the line (politely) when asked to draft something that's contractual, like terms and conditions for an account, for example. But drafting general disclosures, I have no problem there. In any event, when I have to start looking up case law to help me understand a particular law (usually a state law), I go to outside counsel. That always seemed to me to be drifting into the practice of law.
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Opinions are mine not my employer's, and should not be taken as legal advice.