Contract intelligence vendor ThoughtRiver has been awarded funding from Innovate UK for a £400,000 project to develop what it refers to as ‘thinking AI’.
ThoughtRiver’s technology automates the day-to-day routing and prioritisation of decisions in corporate legal functions, using machine learning to interpret contracts and assess their risk based on corporate policies and protocols.
Each contract pre-screen undertaken by ThoughtRiver triggers 1000s of software-answered questions on each contract in order to replicate what actually happens when a junior lawyer or paralegal conducts an initial scan on a contract. Pre-screening then rolls up the answers in order to deliver a single final context-sensitive recommendation about whether a contract needs further review and by who.
Read the full article on the LegalIT Insider website.