The second draft of a translation is, in many regards, more difficult than the first draft. During the first draft, you're marking off a territory, examining the shape and structure of a narrative, seeing how a character develops. And there's lots of dictionary time.
A second draft, however, requires making difficult decisions, confirmation about all the decisions made during the first draft, painfully accurate proofreading to ensure you read it correctly the first time, countless corrections when you realize how lazy and careless you were. It's during the second draft that you make sure you caught all the negative verbs, all the female and male pronouns, the subtle shifts between first person and third.
During the first draft of a translation, the entire world is open for possibility. During the second draft of a translation, you make sure you're creating an accurate and honest and authentic version of the text in the other language. And you're beginning to run out of time; you're beginning to be more aware of that looming deadline, by which time you'll need to have completed already (at least) a third and a fourth draft of your translation.