"By leveraging Foley Equipped, in-house legal counsel, as well as business and procurement teams, can ensure a level of review for high-risk items while freeing up time to focus on more complex, higher value initiatives."
Kate Wegryzn
Foley Partner
Industry
Law Firm
Contract types
Routine Agreements
Features
AI-driven solution to deliver accelerated contract reviews and mitigate risk
Benefits
Flat fee pricing to better manage budgetsReduced operating expenses to reduce costsQuick turnaround time to get to signature fasterReduce risk by improving accuracy and consistencyThe challenge: a desire to better service clients through AI technology
Foley & Lardner LLP wanted to find a way to accelerate contract reviews while simultaneously mitigating risk, thereby offering a better service to existing clients. The firm also wanted to enhance its reputation as a forward-thinking, tech-led firm – and leverage that reputation to attract new clients.
The firm needed a partner, so they reached out to ThoughtRiver for technical advice and delivery.
“Managing the heavy flow of commercial contracts is a significant pain point for many of our clients.”
Kate Wegrzyn, Foley Partner
The solution: Foley Equipped powered by ThoughtRiver
ThoughtRiver worked with Foley to develop a co-branded contract review solution, powered by ThoughtRiver’s market-leading AI technology. The result is Foley Equipped, which combines ThoughtRiver’s machine learning algorithms with hundreds of templates and negotiated agreements from Foley’s knowledge base.
Using ThoughtRiver’s software provides Foley lawyers and clients with a tool that:
Foley Equipped leverages ThoughtRiver’s drop-in clause functionality to incorporate Foley-drafted sample clauses, which have been customized to include clients’ preferred language. Foley Equipped enables its lawyers to offer an AI-assisted managed-service where Foley attorneys verify the AI advice and revise the agreement as appropriate based on clients’ requirements, at a rapid turnaround time. Foley Equipped is also offered as a client self-service solution permitting in-house teams to have direct access to and use of ThoughtRiver with Foley’s legal advice and experience at their fingertips.
Paul Picciotta, Director of Competitive Technology at Foley, explains:
“One feature that sets Foley Equipped apart is that the system integrates directly into MS Word through a Microsoft-approved add-in. This permits Foley-developed playbook commentary and model contract language to be available directly in Word during the review and revision process. In short, Foley Equipped is a tool that puts decades of Foley’s legal experience at your fingertips, with rapid, ‘one-click updates’ reducing the burden of high volume contract reviews.”
The benefits: Happier clients, new revenue streams and tech-led recognition
Foley Equipped makes it possible for Foley’s clients to have agreements reviewed faster, leading to closing transactions quicker, all while mitigating risk. Quicker turnaround times, high accuracy and predictable costs mean clients are happier than ever, strengthening the relationship Foley has with its clients.
Chanley Howell, Foley Partner, explains: 
“Foley Equipped helps shorten review time without compromising high-quality standards. It also reduces operating expenses and gives general counsel offices greater ability to accurately budget legal costs.”
In addition to using Foley Equipped to quickly and efficiently turn around its clients’ contracts, being powered by ThoughtRiver opens up a wide range of new revenue opportunities for Foley. The firm can provide value to its clients through the creation or digitization of risk playbooks, and offer contract analytics services to drive additional revenue and growth.
The success of the project has been recognized by the industry. The State Bar of Wisconsin named Kate Wegrzyn as a 2022 Wisconsin Legal Innovator Award recipient for her role in developing Foley Equipped. Kate has also been named a finalist in the Innovators of the Year category for the 2023 Legalweek Leaders in Tech Law Awards. Foley uses ThoughtRiver to boost its industry recognition as a forward-thinking, tech-led firm. This reputation is invaluable to firms looking to acquire new clients who demand a law firm that leverages the latest technology to offer faster, better services while also keeping down costs.