ThoughtRiver’s Contract Intelligence software uses artificial intelligence (AI) to scan and interpret information from written contracts used in commercial risk assessments, and produces visualisations of the potential risks and other issues. By quickly identifying risks from the structured information of a contract and presenting them in a visual format, which are compiled in a central online ‘dashboard’, corporate in-house Chief Financial Officers, General Counsels and other contracting functions can make better decisions, more quickly.
Tim Pullan, Chief Executive of ThoughtRiver, says: “The opportunity is the productivity gap. It took the same amount of time 20 years ago to review a contract as it does today. While other professions such as accountancy and marketing have found ways of producing outcomes faster, cheaper and better using automation tools and daring to rethink things, the legal profession lags behind. This is not about replacing lawyers with robots; it’s about freeing up lawyers to focus on more valuable activities.
“By harnessing powerful analytical software, ThoughtRiver catches compliance and commercial risks that could be otherwise missed, brings the data alive with compelling visuals and puts powerful quantitative insights into the hands of risk management and legal staff. More meaningful data and insight means more influence for corporate counsel in performance improvement and strategic decisions.
The visualisations provided in the ThoughtRiver CI ‘dashboard’ include ‘Risk Scoring’, ‘Clause Scoring’, and Risk ‘Heat Maps’ and ‘Gauge’ graphics, which help contracting teams to communicate risk information in a far more compelling and engaging way. In addition to commencing software testing with Taylor Vinters’ international clients, ThoughtRiver will begin trials with select corporate clients in Singapore and the UK in the next few months.
Matt Meyer, Chief Executive of Taylor Vinters, says: “We believe law is inherently human and so is its application. There will always be a role for in house or external legal to play but the impact of technology and data on achieving these big picture goals is only just becoming apparent. It’s an exciting period to be helping bring ThoughtRiver CI to market.”
“Our investment in ThoughtRiver fits squarely with our strategy of finding new ways to address client needs outside of a traditional law firm service model. We want to be part of the innovation and help mould select Legal Tech offerings to ensure they are fit for purpose in terms of meeting the evolving needs of our own innovative clients and the wider legal sector.”
Taylor Vinters has invested an undisclosed amount in ThoughtRiver, which will be co-located at the firm’s offices in Cambridge, London and Singapore, as well as providing testing and other support services. Mr Pullan was formerly Taylor Vinters’ Head of Technology & Outsourcing in Asia when he founded ThoughtRiver in 2011 and has subsequently been developing the technology business with support from Taylor Vinters. This marks the second such Legal Tech equity investment by Taylor Vinters, as part of its strategy to develop innovative solutions that streamline how legal businesses operate. Four months ago, Taylor Vinters announced its first equity investment into Legal Tech start-up, Pekama - thought to be the first of its kind in the industry – which is a cloud-based lawyer collaboration software.
Tim Pullan adds: “We are delighted to announce our partnership with Taylor Vinters, a law firm partner with the right culture and ambition to help us achieve great things. This partnership clearly marks an important and strategic milestone for ThoughtRiver.”