Market leaders in contract acceleration.
The problem with contract negotiation is that it is slow and inefficient, and therefore expensive. Each individual lawyer can waste hundreds of hours per year reading every word in every contract when most of the language is common and represents little or no risk. Once a lawyer has read the contract and understood the key issues, managing those issues to resolution is manual, time-consuming, and error-prone. Creating an issue list each time is difficult, time-consuming, and hard to maintain, so keeping stakeholders informed and collaborating on issues with colleagues is handled via email and phone calls. As a result, negotiations often descend into ‘redlining battles’ and interminable iterations of back and forth.
The key to efficient contracting is the rapid discovery of issues, and effective management of the negotiation around those issues. Our technology uses AI to identify issues based on your playbook, previously signed agreements, and agreements negotiated by others. And it does so in minutes. You can then triage agreements, rapidly create and maintain issues lists, and collaborate with colleagues, empowering your lawyers to negotiate with more confidence and close deals faster with less risk.
We intend to banish the phrase stuck in legal from the vocabulary of business.
To find out more about our contract acceleration platform or to arrange a demo, please visit our website: www.thoughtriver.com
ThoughtRiver operates from offices in Cambridge, London, New York and Singapore.
