Despite a slow start, technology in the legal sector is beginning to heat up. There are lots of new names and products entering an increasingly competitive market. On the one hand that’s good news for legal professionals, who have a choice of tech partners to help them better serve their clients.
But on the other hand it can be confusing to know which tech will produce results, who is the real deal, and who will deliver ROI.
To help, we’ve listed 5 key things you should know about ThoughtRiver’s automated contract pre-screening solution.
1. It can even see what is not there
Our pre-screening tool understands the complex information present in a contract and compares your contractual positions against your bespoke playbook. Using technology to compare and contrast clauses is powerful enough, but ThoughtRiver goes one better. Our automated contract pre-screening solution surfaces all clauses that contain a specific point of meaning, or even highlights where a provision is missing that we would expect to see. It is not always what is there that increases risk; it is often what is not there.
2. You get next steps/remediation
Automated contract pre-screening is only part of the process. What is most important is the risk output generated by the ThoughtRiver platform. This is rolled up into a single recommended action that a business user or lawyer can easily act upon. It tells you what is and is not acceptable according to your playbook, what needs immediate attention, and what needs to be amended. When it comes to that remediation, we serve all of this intelligence up to you within Microsoft Word, and provide guided redlines.
3. Pre-programmed to allow a fast start
Lexible comes pre-programmed with thousands of questions posed by real lawyers. It works by first deploying a sophisticated language processing (NLP) engine developed in collaboration with Cambridge University. This allows us to understand the meaning of the words within an agreement. We can then ask and answer thousands of questions according to our Lexible framework to build a detailed picture of the obligations and rights within the agreement. All of this data is then summarised into clear, actionable advice.
4. But you can develop it too
ThoughtRiver is a configurable tool as well as the pre-programmed intelligence. ThoughtRiver gives you the opportunity to learn how to tailor the platform to ask questions specific to your requirements or area of specialty. The Lexible Studio gives you the skills and ability to add “modules” onto ThoughtRiver’s framework that turn it into an extension of your firm’s IP.
5. It can generate passive revenues
Through a ThoughtRiver partnership, legal service providers can create new sources of income. For example, by configuring the platform to answer specific questions and identify certain risks, you can allow your clients to review contracts on the ThoughtRiver platform through a sub-account. This review takes minutes, not hours, and you can create a profitable and repeatable new revenue stream.
Lexible also gives you the power to monetise your expertise by creating specialised digital playbooks, which you can license out to other ThoughtRiver users to open up new sources of income.Download our eGuide to learn more about Lexible and its potential to offer new revenue streams.