PwC enters ‘LawTech’ market in collaboration with UK AI firm ThoughtRiver
- PwC chooses ThoughtRiver’s AI platform to power ‘New Law’ Offering
- AI platform will enable PwC customers to enshrine legal knowledge within their business
- Internal tests show time savings of a third for general counsels
London, UK; New York, USA. February 4th, 2020: ThoughtRiver, a market leader in intelligent legal pre-screening, has announced that its core platform Lexible, which standardises the interpretation and review of legal contracts, has been adopted by PwC to support part of a significant tech investment by the professional services firm.
PwC is collaborating with technology firm ThoughtRiver to drive innovation in its legal practice by building products on top of ThoughtRiver’s proven technology platform.
PwC conducted robust market research to evaluate various technologies as part of an 18-month tender process for its LawTech offering. It is now in the process of integration and build with ThoughtRiver’s platform, which uses AI trained on millions of individual contracts to remove uncertainty and variation from legal documents through standardisation. The platform captures the knowledge and expertise of PwC’s Legal practice and thus enables the organisation to enshrine its legal knowledge and IP within the Lexible framework that ThoughtRiver has developed.
ThoughtRiver’s AI-driven platform will capture the knowledge and expertise of PwC’s lawyers and thus enables PwC to offer its clients simple pay-to-play services, replacing the need for lengthy and expensive human collaboration.
Mike Bailey, PwC UK Tax Technology and Transformation Leader, who sponsored PwC’s NewLaw offering, will do the same for this project and the products that are created. He commented:
“PwC has the longest established legal practice, with the largest global footprint of any leading professional services firm. This collaboration with ThoughtRiver represents an entry into the ‘LawTech’ space, which has until now been dominated by start-up brands.
“We are at a turning point at which we have the opportunity to embed PwC’s unique 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: “This is a significant development, allowing PwC to enshrine its corporate intelligence and intellectual property within ThoughtRiver’s Lexible contract knowledge tree, which standardises the interpretation and review of legal contracts, to create a true digital standard. For ThoughtRiver, this is more than just a strategic relationship. We’re excited to work with PwC on a project that will open up new efficiencies for legal services in 2020 and beyond.”
Advising many in-house lawyers and legal teams, this development represents a huge opportunity at a global level across the PwC network.
PwC plans to launch the first of its ThoughtRiver-powered products early this year.
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. Find out more: www.thoughtriver.com
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