ThoughtRiver has launched an artificial intelligence (AI) contract review solution called Review, that assess legal contracts 30% cheaper and 60 times faster than the typical paralegal.
Review is based on ThoughtRiver’s contextual interpretation engine Fathom, which fuses deep legal expertise and true machine learning capabilities.
The AI solution enables in-house counsel, law firms, procurement department and C-level executives to inspect large volumes of contracts more cost efficiently and accurately, helping reduce compliance and regulatory issues for CEOs.
The platform incorporates machine learning capabilities that learns from the risk judgements of legal professionals and generates an institutional ‘memory’.
Tim Pullan, ThoughtRiver founder and CEO, explains: “A typical large organisation can have more than 100,000 live contracts across its suppliers, contractors and partner networks. It is impossible for any legal team or chief executive to have a complete birds eye view of the current state of play when it comes to contracts.
“Legal professionals should not be alarmed by the deployment of technology. By automating key parts of the contract review process, they will be in a much stronger position to provide strategic advice to their clients. As for in-house legal teams, they will be better placed to assess every contract that passes through their organisation without reading each one and prioritise their workloads to issues that most require their legal expertise.”
Written from press release by Leah Alger