How law firms can use the knowledge harnessed from Lexible to open up new sources of income.
We have spoken at length about the benefits of automated contract pre-screening for legal professionals. However, first-pass screening is only the start of what ThoughtRiver is making available to the legal community. The really exciting stage comes when we start to make use of the digital knowledge base that is created from the scanning of millions of contracts.
Our system does this by taking the basic understanding of the meaning of every part of the document and asking thousands of carefully worded legal questions to build a granular picture of the rights and obligations contained within it. This ontology of meaning-based data points is known as Lexible.
Lexible takes the form of a contract knowledge tree and has the potential to be extended to ask almost any question of any contract type. Once Lexible has answered all of those questions it applies a risk policy to the answers based on the client’s bespoke playbook, and delivers an overview of the risks contained within the agreement for the contracting parties, even suggesting comments or approved clause insertions to speed up the remediation phase.
Lexible has been described as the first big change in the way contracts are written for hundreds, if not thousands, of years. It is a shareable corpus of knowledge based on examining – to date – 4 million legal documents to identify standard elements. It has the potential to become the standard to describe any type of contract.
ThoughtRiver works out of the box, pre-programmed with thousands of questions to analyse the nature of a contract and provide a clear risk assessment as an output.
But alongside this out-of-the-box capability is a toolkit for creating a more bespoke offering for end-users – and revenue-generating possibilities for law firm partners.
We provide clients and partners with access to the Lexible Studio where new questions can be authored and then trained using complex and proprietary machine learning models. Lexible Studio has been designed such that anyone with a basic understanding of contract law can use it, and thus extend the ThoughtRiver platform to any contract review use case.
Lexible Studio also creates exciting opportunities for forward-thinking legal services providers to partner with ThoughtRiver and their clients to help grow their book of business by offering new and innovative services to the market.
Opportunities arising from partnerships include:
Bespoke Lexible authoring
Additional services to new and existing clients
Specialised risk policies
Download the full eGuide to learn more about these opportunities and how to monetise your IP.