The challenge: an ambition to automate and productize client contract reviews
Law firm Shoosmiths wanted to create a tool that could automate a fast and accurate managed service offering to clients. They also wanted to use legal AI to offer clients a self-serve tool that would save time on contract reviews, reduce legal spend, and allow in-house legal teams to focus on higher-value activities.
“I’ve been using ThoughtRiver on my day-to-day workflow. The accuracy improvements with Lexible Fusion™ have been a major breakthrough and has really solidified my trust in ThoughtRiver. The accuracy was good before, now it’s amazing.”Dan Greatorex, Associate, Shoosmiths
The solution: Cia® powered by ThoughtRiver
ThoughtRiver worked with Shoosmiths to create a co-branded contract review solution that meets Shoosmiths’ clients’ need for speed and accuracy – Cia®. Powered by ThoughtRiver’s next generation AI, Cia® reviews Shoosmiths’ clients’ contracts, pinpoints the key risks and deviations from market norms, and automatically generates corrective drafting.
Using ThoughtRiver’s industry-leading technology, Cia® saves up to three to five hours of contract review time, representing over an 80% saving when compared with typical external legal costs.
Cia® is so fast, Shoosmiths offers same-day service on any contract that’s received by 2pm. Clients get an incredible turnaround time on their contracts while benefiting from the most accurate legal AI in the world.
As well as Shoosmiths’ managed services option, clients also self-serve contract reviews using Cia®. ThoughtRiver’s AI is so accurate in identifying contractual risk, even non-lawyers are using it. Everything is delivered in plain English so, whether clients are a lawyer or not, Cia® will help them get to signature faster with more protection and less cost.
“Cia® has been a game changer for the Deliveroo legal team, saving us significant time on our contract reviews so we can focus on other key priorities.”Dan Greatorex, Associate, Shoosmiths
The benefits: Outstanding client services and new revenue streams
Shoosmiths’ clients also have a choice of how to review their contracts through Cia®. Whether through a managed service or self-serve option, they always benefit from Cia®’s ability to quickly and accurately review any commercial contract or NDAs.
This plug and play solution, powered by ThoughtRiver, delivers immediate value, with no training or onboarding required. With faster, more accurate contract reviews, clients instead focus more time on closing deals and higher value legal tasks.
It’s a tool that’s delivering clear benefits for Shoosmiths too. Clients are delighted with service levels, and the Shoosmiths team is picking up industry recognition for innovation, including winning Law Firm of the Year and being shortlisted for Legal Technology Team of the Year at the Legal Business Awards.
“In recent trials Cia® reviewed complex supply agreements in less than three minutes, achieving an accuracy rate of above 90%. The same contract took qualified lawyers four hours to review, at an average accuracy rate of 86%.”Joe Stephenson, Partner, Shoosmiths