Technology to help legal teams close deals more efficiently, as businesses look to bounce back post COVID-19
ThoughtRiver, the first mover and market leader in pre-signature contract review, today launches its Contract Acceleration Platform (CAP). ThoughtRiver’s CAP enables in-house legal teams and the law firms serving them to contract faster, with less risk.
As noted in Harvard Business Review, contracting is an activity that few companies do efficiently or effectively. It has been estimated that inefficient contracting causes firms to lose between 5% to 40% of the value on a given deal.
ThoughtRiver, whose clients include professional services firm PwC, has launched its artificial intelligence powered CAP to identify, in seconds, the issues in a contract based on the client’s legal playbook, previously signed agreements, and agreements negotiated by others. A user can then triage agreements, rapidly create and maintain issues lists, negotiate and remediate contracts quickly. This allows lawyers to collaborate effectively with colleagues.
Tim Pullan, Founder and CEO at ThoughtRiver stated, “Manual legal reviews slow negotiation, eat margins and kill deals every day. It is a massive problem affecting billions of transactions. The fault lies not with lawyers but the lack of effective tools to help them deliver fast legal review. So I’m thrilled to be launching our Contract Acceleration Platform, which helps lawyers and their business colleagues focus on negotiating, and on closing deals more quickly, with less risk.”
Joe Stephenson, Partner at Shoosmiths and Head of Cia (Shoosmiths’ AI contract review service, powered by ThoughtRiver) added: “The new features we have seen integrated by the ThoughtRiver team present a really exciting next phase for Cia. This gives us much richer analysis of key risks and will further accelerate contracting for our clients. We’ll be working alongside ThoughtRiver to ensure our Cia clients harness the full power of this “big data”.”
Mark Rodgers, General Counsel, ANZ, DB Schenker, also commented: “ThoughtRiver already helps my team in ANZ to cover more ground in less time by making their contract review work much more efficient. We are now looking to scale ThoughtRiver’s Contract Acceleration Platform across our global legal operations.”
Tim Pullan will be presenting a free webinar that showcases the vision, and the product itself on the 17th of February, for which you can sign up here.