ThoughtRiver, the legal AI contract pre-screening pioneer, has announced that its core platform, which standardises the interpretation and review of legal contracts to increase sales velocity, is to be used by PwC in the firm’s range of ‘NewLaw’ client services technology. The move follows a period of rapid expansion of the Big Four firm’s NewLaw team – see feature in Artificial Lawyer.
The Big Four accounting and consulting giant has been growing its legal arm over the past few years with the help of AI technology. Following a competitive tender process and discussions over a period of 18 months, the professional services firm chose ThoughtRiver’s platform to power its document pre-screening offering tailored for its global corporate customer base.
ThoughtRiver’s AI-driven pre-screening platform will power a range of services being offered to PwC clients, initially in the field of contract screening and review.
Mike Bailey, PwC Technology and Transformation Leader, said: ‘We are at an inflection point at which we have the opportunity to enshrine PwC’s 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: ‘For us, this is more than just a strategic partnership. We’re looking to help PwC build a deep institutional knowledge of transactions into the ThoughtRiver platform in order to deliver an advanced level of service to their clients. We’re excited to work with PwC on a project that will open up new efficiencies in 2020 and beyond.’
PwC plans to launch the first of its ThoughtRiver-powered pre-screening products in Q1 of 2020.
ThoughtRiver works with law firms and large corporates to increase sales velocity by speeding up transactions using their AI contract review engine .