ThoughtRiver - Detailed Review
Summarizer Tools
ThoughtRiver - Product Overview
ThoughtRiver Overview
ThoughtRiver is a legal AI solution that revolutionizes the contract review and negotiation process, making it faster, more efficient, and less risky.
Primary Function
ThoughtRiver’s primary function is to automate the contract review process using advanced Natural Language Processing (NLP) and machine learning. The AI reads contracts, identifies crucial issues, and provides detailed reports and recommendations for resolution. This helps users focus on negotiating critical provisions rather than spending time on manual reviews.
Target Audience
The target audience for ThoughtRiver includes various professionals involved in contract management and negotiation:
- General Counsel: Helps reduce contractual risk and cut legal costs.
- Lawyers/Attorneys: Streamlines contract review, increasing confidence in negotiations.
- Legal Operations: Enhances efficiency in the contracting process.
- Sales: Accelerates the review and negotiation of new contracts to close deals faster.
- Procurement: Enables quicker signing of new deals, realizing negotiated savings more quickly.
Key Features
Here are some of the key features of ThoughtRiver:
- Automated Contract Review: The AI reviews contracts, answers key questions, and suggests actions by creating an issues list based on the client’s playbook.
- Customized Checklists: Allows users to generate contract reports instantly using customized checklists, which can be configured to their specific needs.
- Collaboration Tools: Enables users to share and discuss issues with colleagues and stakeholders, increasing visibility and stakeholder satisfaction.
- Redlining and Editing: Provides one-click comments and drop-in clause suggestions, making it easy to redline and edit contracts.
- Contract Acceleration Platform: Helps lawyers and business colleagues focus on negotiating and closing deals more quickly with less risk.
- Integration and Reporting: Integrates with other tools and generates detailed reports, such as red flag review summaries and counterparty issues lists, to facilitate negotiations.
Conclusion
Overall, ThoughtRiver is a powerful tool that helps various stakeholders in the contract negotiation process by automating reviews, identifying issues, and facilitating collaboration, ultimately speeding up the entire contracting process.
ThoughtRiver - User Interface and Experience
User Interface Overview
The user interface of ThoughtRiver is crafted to be intuitive, efficient, and integrated with familiar tools, making it easy to use and enhancing the overall user experience.Integration with Familiar Tools
ThoughtRiver seamlessly integrates with popular platforms such as Microsoft 365, including Microsoft Outlook, Word, and Teams. This integration allows users to work within their existing workflows, reducing the learning curve and enhancing workflow efficiency.Streamlined Contract Review
The platform uses AI to swiftly analyze contracts, extracting vital information and identifying risks. This process is automated, eliminating the need to read through entire contracts to find key areas of interest. Users can quickly identify issues, organize, manage, and resolve them in minutes, thanks to the automated creation of issues lists configured to their own playbooks.Customizable Checklists and Playbooks
ThoughtRiver offers customized checklists that can be configured and refined as users work. These checklists are built from thousands of pre-trained legal questions, allowing users to create a checklist in seconds. This feature is particularly useful for irregular and bespoke contracts, ensuring that the review process remains efficient and accurate.Contract Management Dashboard
The platform provides a centralized contract management dashboard that brings all deals together into one screen. This dashboard gives users full control over the process, from discovery and triage to remediation and resolution. It also enables real-time collaboration, simplifies information sharing, and provides a single source of truth for contract data and insights.Automated Mark-up and Editing
Users can redline and edit contracts with one-click comments and drop-in clause suggestions, making the review and negotiation process more efficient. The platform also generates contract reports automatically, which can be customized to suit specific needs, such as red flag review summaries or counterparty issues lists.User-Friendly Features
ThoughtRiver’s interface is designed to be user-friendly, with features like instant issue identification, risk marking, and the ability to share and discuss issues with colleagues. This increases stakeholder visibility and satisfaction, ensuring that all team members are on the same page throughout the contract review and negotiation process.Feedback and Transparency
The platform provides transparency by guiding users through relevant clauses of the contract, explaining how the AI arrived at its predictions. Users can also edit answers and save their responses, adding their own insights and refining the AI’s output over time.Conclusion
Overall, ThoughtRiver’s user interface is designed to be intuitive, efficient, and highly integrated, making it easy for users to manage and review contracts without compromising on accuracy or quality. The platform’s focus on automation, customization, and real-time collaboration enhances the user experience, allowing teams to work more effectively and make informed decisions quickly. ThoughtRiver - Key Features and Functionality
ThoughtRiver Overview
ThoughtRiver is an AI-driven contract review platform that offers several key features to streamline and enhance the contract review and management process. Here are the main features and how they work:
Contract Review and Analysis
ThoughtRiver’s AI technology, powered by advanced natural language processing and machine learning algorithms, swiftly analyses contracts to extract vital information and identify risks. This process is driven by a vast legal knowledge base built from over 2,000 pre-trained Lexible questions created by in-house lawyers, ensuring precise and reliable contract analysis.
Automated Issue Identification
The platform automatically identifies and marks risks within the contract as issues to resolve, creating a clear task list for reviewers. This helps in organizing, managing, and resolving issues quickly, saving valuable time and ensuring that no critical provisions are missed.
Custom Playbooks
Users can create custom AI playbooks directly within the platform, specific to their business needs. These playbooks automate the identification of specific clauses, obligations, or risk factors unique to their industry or business requirements, reducing errors and enhancing overall contract management effectiveness.
Integration with Existing Tools
ThoughtRiver seamlessly integrates with various tools and systems, such as Microsoft 365, Microsoft Word, and Teams. This integration allows users to work within familiar tools, streamlining document management, enabling real-time collaboration, and simplifying information sharing across teams. Additionally, it integrates with other legal tech tools like HighQ, iManage, and CLM software through API endpoints.
Real-Time Analytics and Reporting
The platform provides real-time analytics and detailed contract reports. Contracts can be uploaded for review, and comprehensive reports are sent directly to the user’s inbox. This feature ensures that users have instant insights into the status of the review and negotiation process, including metrics like “issues closed”.
Centralized Contract Data
ThoughtRiver centralizes contract data and insights, fostering organization-wide knowledge sharing. This single source of truth enables teams to collaboratively access and leverage contract information, facilitating informed cross-departmental collaboration and better decision-making.
Redlining and Editing
The platform allows for quick redlining and editing of contracts with one-click comments and drop-in clause suggestions. This feature is particularly useful for negotiating critical provisions efficiently.
Automated Risk Reviews via API
ThoughtRiver’s API enables seamless integration with existing Contract Lifecycle Management (CLM) systems. This integration automates the contract review process, ensuring that every uploaded contract is automatically reviewed for risks, minimizing the burden on legal teams and reducing the risk of oversight.
Security and Data Management
ThoughtRiver employs a fully managed security operations centre and uses private data stores for client data. During contract analysis, client data is handled securely, and any machine learning training on client contracts requires explicit consent. This ensures that client data is protected and used responsibly.
Benefits for Various Roles
The platform benefits various roles within an organization:
General Counsel
Reduces contractual risk, cuts legal costs, and enhances partnership with the wider business.
Lawyers/Attorneys
Removes the grind of contract review, increases confidence in negotiating issues, and concludes deals more efficiently.
Legal Operations
Drives measurable improvements in contracting processes by making each lawyer more efficient.
Sales
Speeds up the review and negotiation of new contracts, enabling sales to close more deals.
Procurement
Helps procurement teams get new deals signed faster, realizing negotiated savings more quickly.
These features collectively enhance the efficiency, accuracy, and speed of contract review and management, providing significant benefits across various departments within an organization.
ThoughtRiver - Performance and Accuracy
Accuracy and Metrics
ThoughtRiver’s AI technology is built on a vast legal knowledge base, trained on over 2,000 Lexible Fusion™ questions developed by in-house lawyers and the Professional Services team. The platform’s accuracy is measured using the F1 score, which combines precision and recall. Precision indicates the proportion of true positives among all predicted positives, while recall measures the proportion of true positives among all actual positives. ThoughtRiver updates these statistics weekly and is transparent about its accuracy, which is a unique feature among legal AI vendors.Performance in Contract Review
ThoughtRiver significantly reduces the time required for contract reviews. For instance, it can review complex supply agreements in less than 3 minutes with an accuracy rate of over 90%, compared to 4 hours for qualified lawyers with an average accuracy rate of 86%. This efficiency is achieved by automating the initial contract review, guiding human lawyers to areas that need their attention, thus saving time and ensuring that no risky sections are overlooked.Features and Capabilities
The platform offers several features that enhance its performance:Key Features
- It creates and updates an issues list for every contract, highlighting crucial issues within seconds.
- It allows users to create custom playbooks to identify specific clauses, obligations, or risk factors unique to their business.
- It provides a searchable contract database, automated mark-up, and one-click comments and clause suggestions.
- It enables easy sharing and discussion of issues among colleagues, increasing stakeholder visibility and tracking decision-making.
Limitations and Areas for Improvement
While ThoughtRiver’s AI is highly accurate and efficient, it is not infallible. Here are some limitations:Identified Limitations
- The AI may err on the side of delivering false positives over false negatives to ensure that no potential risks are missed. This means it might flag wording as risky even if it has been approved by lawyers before, requiring human review to make an informed decision.
- Like other AI systems, ThoughtRiver’s AI operates based on its training data and may not capture every nuance or context that a human lawyer would. However, this is mitigated by its design to work in synergy with human lawyers, ensuring that critical decisions are made with human oversight.
User Feedback and Validation
Users, including in-house lawyers and legal professionals, have praised ThoughtRiver for its ability to streamline contract reviews, reduce legal costs, and enhance the accuracy of contract analysis. Feedback from users like Ronald Yeo from Singtel and partners from Foley & Lardner LLP highlights the platform’s effectiveness in providing a “second pair of eyes” and ensuring that contracts are reviewed against policy without missing critical issues. In summary, ThoughtRiver’s performance and accuracy are well-documented and validated through its metrics and user feedback. While it has some limitations, such as the potential for false positives and reliance on training data, these are managed through its design to work in conjunction with human lawyers, ensuring high-quality and accurate contract reviews. ThoughtRiver - Pricing and Plans
Pricing
- The pricing starts at $19,500 per year (or £15,250 per year).
Customization
- The cost can vary depending on the specific needs and use cases of the organization. This means that the final price will be determined after assessing the particular requirements of the business.
No Free Options
- There is no free trial or free version available for ThoughtRiver.
Features
- Regardless of the specific pricing, ThoughtRiver offers a range of features including:
- Automated contract review using AI and natural language processing (NLP) to flag risks and generate issue lists.
- The ability to review contracts against a configured legal checklist and playbook.
- Tools for quick redlining and editing, including one-click comments and drop-in clause suggestions.
- Enhanced collaboration features to share and discuss issues with colleagues.
- Insights into contract provisions compared to contracting history and market norms.
No Setup Fee
- There is no entry-level setup fee for implementing ThoughtRiver.
Contact for Custom Pricing
Given the customized nature of the pricing, it is recommended to contact ThoughtRiver directly to map out your specific needs and find the best solution for your business.
ThoughtRiver - Integration and Compatibility
ThoughtRiver Overview
ThoughtRiver, an AI-driven contract review platform, integrates seamlessly with various tools and platforms to enhance the efficiency of contract management processes. Here are some key points regarding its integration and compatibility:
Integration with Microsoft Tools
ThoughtRiver has a Microsoft-approved add-in that integrates directly into Microsoft Word. This allows users to access Foley-developed playbook commentary and model contract language directly within Word during the review and revision process. This integration enables ‘one-click updates’ and streamlines the contract review process significantly.
Microsoft Teams Integration
Users can also integrate ThoughtRiver with Microsoft Teams, allowing them to upload contracts for review and assign them to team members without leaving the Teams window. This facilitates smooth collaboration and workflow management.
API Endpoints and Other Integrations
ThoughtRiver provides API endpoints that enable integration with a variety of other systems, including HighQ, iManage, and Contract Lifecycle Management (CLM) software. This flexibility allows users to integrate ThoughtRiver into their existing technology stack, making workflows more efficient.
Security and Compliance
The platform ensures enterprise-grade security with industry-standard encryption measures and compliance with major security standards such as ISO27001 and SOC2. It also supports various authentication methods, including Single Sign-On (SSO), and offers granular user permissions and access control features.
Cross-Platform Compatibility
While the primary integration is with Microsoft tools, ThoughtRiver’s API-based approach allows it to be compatible with a wide range of platforms and systems. However, specific details on compatibility with non-Microsoft platforms are less detailed, but the API flexibility suggests broad compatibility.
Data Ownership and Privacy
ThoughtRiver ensures that users own the intellectual property of their data and does not train its models on user data. The platform is also compliant with GDPR and other data privacy regulations, providing a secure environment for contract management.
Conclusion
In summary, ThoughtRiver’s integration capabilities are strong, particularly with Microsoft tools, and its API endpoints allow for broad compatibility with various other systems. This makes it a versatile tool for enhancing contract review and management processes across different platforms and devices.
ThoughtRiver - Customer Support and Resources
Support Center
ThoughtRiver has a dedicated support center where users can find a collection of articles, user guides, and FAQs. This resource is accessible through their support portal, allowing users to browse through various topics to resolve common issues or learn more about the platform’s features.
Ticket Submission
For issues that require direct assistance, users can submit a ticket through the support portal. This allows them to contact the support team directly and receive personalized help.
Installation and Integration Guides
The support center includes guides on how to install the ThoughtRiver Word add-in, which integrates the platform with Microsoft Word. This ensures users can seamlessly work within their familiar Microsoft 365 environment.
Browser Compatibility
ThoughtRiver also provides information on supported web browsers, helping users avoid compatibility issues. If a browser is not supported, users will receive an error message, and the support center offers guidance on resolving such issues.
Exporting Reports
Users can export reports generated by the platform to CSV or Excel files, facilitating sharing and further collaboration. The support center explains the steps to export these reports.
Familiarity Intelligence
For users to benefit from ThoughtRiver’s familiarity intelligence feature, which helps identify unusual clauses in contracts, the support center provides tips on uploading signed contracts. This feature enhances the platform’s ability to recognize and flag unusual clauses based on previous contracts.
Custom Playbooks and Configuration
ThoughtRiver allows users to create custom playbooks specific to their business needs. The platform and its resources guide users on how to automate the identification of specific clauses, obligations, or risk factors unique to their industry or business requirements.
Integration with Microsoft 365
The platform seamlessly integrates with Microsoft 365 tools such as Outlook, Word, and Teams. This integration is well-documented in the support resources, ensuring users can efficiently manage and collaborate on contracts within their existing workflow.
By providing these resources, ThoughtRiver ensures that users have the support and information they need to effectively use the platform and maximize its benefits.
ThoughtRiver - Pros and Cons
Advantages of ThoughtRiver
ThoughtRiver offers several significant advantages, particularly in the realm of contract review and management:Speed and Efficiency
- ThoughtRiver significantly reduces the time required for contract reviews. What typically takes qualified lawyers 4 hours can be completed in less than 3 minutes with an accuracy rate of over 97%.
- The platform automates routine tasks, allowing legal teams to focus on more complex and high-value initiatives.
Accuracy and Consistency
- ThoughtRiver’s AI, Lexible Fusion™, achieves a high accuracy rate of 97.6%, outperforming human manual reviews which vary between 72-88% accuracy.
- The AI ensures consistent reviews by checking contracts against a legal checklist configured to the user’s own playbook, reducing the risk of human error.
Integration and Collaboration
- The platform integrates seamlessly with existing workflows, including email, Microsoft Word, and Teams, making it easy to incorporate into daily tasks.
- It facilitates collaboration by creating and sharing a digital issues list, enabling teams to discuss and resolve issues efficiently.
Risk Management
- ThoughtRiver’s AI identifies and flags potential risks within contracts, ensuring that no critical provisions are overlooked. It prefers to err on the side of caution, flagging potential risks even if it’s not entirely sure.
- The platform allows users to build their own playbooks to identify specific clauses, obligations, or risk factors unique to their business.
Reporting and Analytics
- ThoughtRiver generates pre- and post-signature reports in seconds, enabling users to analyze key provisions across their entire contract portfolio and receive notifications of key activities.
Disadvantages of ThoughtRiver
While ThoughtRiver offers numerous benefits, there are some considerations to keep in mind:Dependence on AI Interpretation
- The AI is not 100% infallible and may flag false positives to ensure caution. This means users need to review and validate the AI’s findings, which can still require some manual effort.
Potential for Over-Flagging
- To err on the side of caution, the AI may flag more issues than necessary, which could lead to additional review time to validate these flags.
Training and Adaptation
- While the AI learns from experience and adapts to the company’s approved contracts, it still requires initial training and configuration to align with the company’s specific risk playbooks and policies.
Limitations in Generative Drafting
- ThoughtRiver’s AI is more focused on review and risk identification rather than generative drafting. For example, generative drafting tools can sometimes produce more content than needed, which can delay negotiations.
ThoughtRiver - Comparison with Competitors
ThoughtRiver
ThoughtRiver is a legal AI platform that specializes in contract review, issue identification, and negotiation. Here are some of its standout features:- Contract Review Against Playbook: ThoughtRiver reviews contracts against a legal checklist configured to the user’s playbook, helping to identify and manage issues quickly.
- Issue Identification and Management: It creates and updates an issues list for every contract, allowing users to organize, manage, and resolve issues efficiently.
- Collaboration Tools: The platform enables easy sharing and discussion of issues with colleagues, increasing stakeholder visibility and satisfaction.
- Integration and Control: It brings all deals together into one screen, providing full control over the process of discovering, triaging, remediating, and progressing issues to resolution.
Alternatives and Competitors
LexCheck
LexCheck is another AI platform that automates the review and revision of pre-execution contracts. Here’s how it compares:- Automated Review: LexCheck focuses on automatically reviewing and revising contracts, similar to ThoughtRiver, but it may have different workflows and integration capabilities.
- Contract Revision: LexCheck’s platform is geared more towards revising contracts before execution, which might be a more specialized feature compared to ThoughtRiver’s broader contract management capabilities.
LegalSifter
LegalSifter offers AI contract management software and services, including creating, reviewing, and negotiating contracts.- Comprehensive Contract Management: LegalSifter provides a more comprehensive suite of contract management tools, which might include features like contract creation and negotiation that ThoughtRiver may not fully cover.
- Contract Lifecycle Management: LegalSifter’s focus on the entire contract lifecycle could make it a more suitable option for those needing end-to-end contract management solutions.
Cognitiv
Cognitiv specializes in AI-powered document review and classification, particularly within the technology sector.- Document Classification: Cognitiv is strong in automating document classification, which could be a valuable feature for organizations dealing with large volumes of documents, but it may not offer the same level of contract negotiation support as ThoughtRiver.
SpeedLegal
SpeedLegal is positioned as a more comprehensive Contract Lifecycle Management (CLM) solution compared to ThoughtRiver.- Contract Summary: SpeedLegal allows users to understand contracts quickly without reading them line by line, a feature that ThoughtRiver lacks.
- Multiple Language Support: SpeedLegal supports contracts in various languages, which is not a feature offered by ThoughtRiver.
- Bulk Document Upload and Drafting/Editing: SpeedLegal offers bulk document upload and the ability to draft and edit contracts within the platform, features that ThoughtRiver does not provide.
Unique Features of ThoughtRiver
- Accuracy and Efficiency: ThoughtRiver is known for its high accuracy in identifying issues within contracts, allowing users to focus on critical provisions and negotiate more effectively.
- Stakeholder Visibility: The platform enhances stakeholder visibility and satisfaction by enabling easy sharing and discussion of contract issues.
Summary
While ThoughtRiver excels in contract review, issue identification, and negotiation, it may lack certain features such as multiple language support, bulk document upload, and comprehensive contract drafting and editing capabilities. Alternatives like LexCheck, LegalSifter, Cognitiv , and SpeedLegal offer different strengths and may be more suitable depending on the specific needs of the user. For example, SpeedLegal provides a more comprehensive CLM solution with features like contract summaries and multi-language support, making it a strong alternative for those needing a broader range of contract management tools. ThoughtRiver - Frequently Asked Questions
Here are some frequently asked questions about ThoughtRiver, along with detailed responses:
What is ThoughtRiver and what does it do?
ThoughtRiver is a contract review platform that uses AI to assess legal risks and provide automated contract analysis for businesses and law firms. It helps users quickly identify issues in contracts, organize, manage, and resolve them efficiently. The platform automates routine tasks, reduces the time to signature, and streamlines the contract review, editing, and approval processes.How accurate is ThoughtRiver’s AI in contract review?
ThoughtRiver’s AI is highly accurate, with a reported accuracy rate of over 90% in reviewing complex contracts. For example, it reviewed complex supply agreements in less than 3 minutes with an accuracy rate exceeding that of qualified lawyers who took 4 hours to review the same contracts with an average accuracy of 86%.What features does ThoughtRiver offer for contract review and management?
ThoughtRiver offers several key features, including:- Automated contract analysis against a legal checklist configured to your own playbook.
- Quick identification and marking of risks within the contract as issues to resolve.
- One-click comments and drop-in clause suggestions.
- The ability to create and update an issues list for every contract in seconds.
- A contract management dashboard that brings all deals together into one screen for full control of the process.
- Integration with existing workflows, such as email, Microsoft Word, or Teams.
How does ThoughtRiver’s customized checklist work?
ThoughtRiver’s customized checklists allow users to review bespoke contracts efficiently. The AI reads the contract, identifies relevant clauses, and extracts data automatically. These checklists can be configured and refined as needed, guiding users through relevant linked clauses and allowing them to edit answers and save their responses. This feature is particularly useful for contracts that are far more irregular and bespoke.What is the pricing model for ThoughtRiver?
The pricing for ThoughtRiver starts at $19,500 per year (or £15,250), but it can vary depending on the scope and use cases chosen. The pricing is not one-size-fits-all, and users need to work with the ThoughtRiver team to map out their needs and find the best solution for their business.Who are the primary users of ThoughtRiver?
The primary users of ThoughtRiver include:- General Counsel: Helps reduce contractual risk, cut legal costs, and partner with the wider business.
- Lawyers/Attorneys: Removes the grind of contract review and increases confidence in negotiating issues and concluding deals.
- Legal Operations: Drives measurable improvements in the contracting process by making each lawyer more efficient.
- Sales: Speeds up the review and negotiation of new contracts, enabling sales to close more deals.
- Procurement: Helps procurement teams get new deals signed faster, allowing them to realize the savings they have negotiated more quickly.
How secure is ThoughtRiver?
ThoughtRiver implements enterprise-grade security measures, including industry-standard encryption and compliance with major security standards such as ISO27001 and SOC2. The platform also ensures that users own the IP of their data and does not train its models on user data. Additionally, it supports various authentication methods, including Single Sign-On (SSO), and offers granular user permissions and access control features.Can ThoughtRiver integrate with existing workflows?
Yes, ThoughtRiver integrates seamlessly with existing workflows. It can be used within email, Microsoft Word, or Teams, allowing users to work where they are most comfortable. This integration helps in streamlining the contract review, editing, and approval processes without disrupting current workflows.How does ThoughtRiver help in reducing legal costs and improving efficiency?
ThoughtRiver helps in reducing legal costs by automating routine tasks, reducing the time to signature, and making each lawyer more efficient. It provides instant insights into how contract provisions compare to contracting history and market norms, which strengthens confidence in redlining and negotiating. This efficiency allows legal teams to focus on more complex, higher-value initiatives.Is ThoughtRiver compliant with data privacy regulations?
Yes, ThoughtRiver is compliant with major data privacy regulations, including GDPR and other relevant privacy laws. It ensures that user data is protected and that users maintain ownership of their IP. ThoughtRiver - Conclusion and Recommendation
Final Assessment of ThoughtRiver
ThoughtRiver is a highly advanced legal AI contract review and analysis platform that offers significant benefits to various stakeholders involved in contract management and negotiation.Key Features and Benefits
Automated Contract Review
ThoughtRiver’s AI quickly identifies issues in contracts, creating and updating an issues list based on a configured legal checklist. This process saves valuable time and helps focus on critical provisions.
Integration with Existing Tools
The platform seamlessly integrates with Office365, allowing contract reviews to be initiated directly from email or Microsoft Teams. This integration streamlines the review process, automates workflow assignments, and ensures contracts are stored centrally in SharePoint.
Customized Checklists
ThoughtRiver offers customized checklists that can be configured and refined as needed. These checklists help in generating contract reports quickly, facilitating communication with deal teams and counterparties.
Collaboration and Visibility
The platform enables easy sharing and discussion of issues among colleagues, increasing stakeholder visibility and satisfaction. It also provides real-time dashboards and notifications to keep stakeholders informed about the contract review status.
Risk Management and Efficiency
ThoughtRiver marks risks within contracts as issues to resolve, creating a clear task list for reviewers. It drives measurable improvements in the contracting process, making each lawyer more efficient and reducing contractual risk and legal costs.
Who Would Benefit Most
General Counsel
ThoughtRiver helps GCs reduce contractual risk, cut legal costs, and partner more effectively with the wider business.
Lawyers/Attorneys
The platform removes the grind of contract review, increasing confidence in negotiating issues and concluding deals.
Legal Operations
ThoughtRiver improves the efficiency of the contracting process, making each lawyer more productive.
Sales and Procurement Teams
By speeding up the review and negotiation of new contracts, ThoughtRiver enables sales teams to close more deals and procurement teams to realize negotiated savings more quickly.
Overall Recommendation
ThoughtRiver is an invaluable tool for any organization involved in frequent contract negotiations. Its ability to automate contract reviews, integrate seamlessly with existing workflows, and provide real-time visibility makes it a powerful asset for legal, sales, and procurement teams. The platform’s focus on contract acceleration ensures that deals can move forward quickly with less risk, which is crucial for maintaining business momentum.
If your organization is looking to streamline its contract review process, reduce legal costs, and enhance collaboration among stakeholders, ThoughtRiver is highly recommended. Its user-friendly interface, customizable checklists, and automated workflows make it an essential tool for anyone seeking to optimize their contract management processes.