Internal Tests Show Time Savings of ⅓ for General Counsels
ThoughtRiver, the market leader in intelligent legal pre-screening, has announced that its core platform, which standardises the interpretation and review of legal contracts, is to be used in a broader technology play that represents a significant investment by PwC.
PwC has the largest and most long-established legal practice of the large professional services firms. This collaboration with ThoughtRiver represents an entry into the LawTech space, which has until now been dominated by start up brands.
Mike Bailey, PwC Technology and Transformation Leader, commented: “We are at an inflection point at which we have the opportunity to enshrine PwC’s legal expertise in cutting edge software. We look forward to working with ThoughtRiver to develop an AI solution that will offer significant benefits to our clients.”
Tim Pullan, CEO of ThoughtRiver, commented: “For us, this is more than just a strategic partnership. We’re excited to work with PwC on a project that will open up new efficiencies in 2020 and beyond.”
ThoughtRiver is a legal tech company that addresses a fundamental problem for in-house counsels and lawyers: you don’t know whether you need to read a contract without reading it. ThoughtRiver’s contract pre-screening technology uses machine learning and legal intelligence to automate the initial scan and analysis of contracts to produce an actionable recommendation on what to do next with the contract and why. This is similar to a manual checkpoint review, only faster and provides an organisation-wide view of all contractual risk. Headquartered in Cambridge, ThoughtRiver works with in-house legal teams, general counsels and law firms, and is funded by LocalGlobe and Crane Ventures.
PwC plans to launch the first of its ThoughtRiver-powered products in Q1 of 2020.