Product Overview of ThoughtRiver
ThoughtRiver is an advanced AI-powered contract review and management platform designed to streamline and accelerate the legal review process for contracts. Here’s a detailed look at what the product does and its key features:
What ThoughtRiver Does
ThoughtRiver addresses the fundamental challenge in contracting by automating the contract review process, saving valuable time for lawyers, contract managers, sales, and procurement professionals. The platform uses sophisticated machine learning and natural language processing (NLP) to read contracts, identify key issues, and suggest necessary actions. This technology enables users to focus on critical provisions and negotiate deals more efficiently.
Key Features and Functionality
Automated Contract Review
ThoughtRiver’s AI reviews contracts against a customized legal checklist configured to the user’s playbook, identifying crucial issues within seconds. It analyzes complete contracts, marking risks and creating a detailed issues list for reviewers to work through.
Integration with Existing Tools
The platform seamlessly integrates with various legal tech tools, including Microsoft Word through a Microsoft-approved add-in. This allows users to access Foley-developed playbook commentary and model contract language directly within Word during the review and revision process. Additionally, ThoughtRiver integrates with Microsoft Teams, HighQ, iManage, and other CLM software, enhancing workflow efficiency.
Collaboration and Visibility
ThoughtRiver facilitates collaboration by enabling reviewers to share and discuss issues with colleagues easily. It increases stakeholder visibility and satisfaction by tracking how decisions are made and providing a clear task list for resolving issues. The platform also brings all deals together into one screen, giving users full control over the process to discover, triage, remediate, and progress issues to resolution.
Rapid Remediation and Editing
The platform offers rapid remediation features, including one-click comments and drop-in clause suggestions from template contracts. Users can redline and edit contracts quickly, with automated mark-up capabilities that save time and reduce the burden of repetitive reviews.
Performance Metrics and Insights
ThoughtRiver provides insights into how contract provisions compare to contracting history and market norms, strengthening confidence in redlining and negotiating. It also tracks the status of the review and negotiation process using the metric “issues closed,” ensuring users are always informed about the progress of their contracts.
Benefits Across Roles
The platform benefits various roles within an organization:
- General Counsel: Reduces contractual risk and legal costs while enhancing partnership with the wider business.
- Lawyers/Attorneys: Removes the grind of contract review, increasing confidence in negotiating issues and concluding deals.
- Legal Operations: Drives measurable improvements in contracting efficiency.
- Sales: Speeds up the review and negotiation of new contracts, enabling more deals to be closed.
- Procurement: Helps get new deals signed faster, realizing negotiated savings more quickly.
In summary, ThoughtRiver is a comprehensive solution that leverages AI to automate contract reviews, enhance collaboration, and streamline the entire contracting process, making it an indispensable tool for law firms and in-house legal teams.