Create New Revenue With Contract Pre-Screening – ThoughtRiver

Create a New Recurring Revenue Stream for Your Law Firm Using AI-Powered Contract Pre-Screening

By Lachlan Harrison-Smith – Senior Lawyer, Head of Lexible Framework at ThoughtRiver

– This article looks at how ThoughtRiver’s latest platform update allows users to become Lexible authors and create new Lexible Properties. Law firms can then generate revenue by using this technology to process contracts for their clients. In addition, this type of automation frees up highly skilled team members to focus on more profitable tasks and projects.

On 30 March 2019, ThoughtRiver’s platform underwent a significant release to v3.0.0, featuring the Lexible Authoring Studio environment as the centrepiece. This is a major advance in our platform, offering another leap ahead for legal service delivery.

Enabling Lexible partners to take a more active role

Lexible Authoring Studio puts the power of Lexible™, ThoughtRiver’s contract description framework, directly into the hands of our clients.

In a standard project, ThoughtRiver provides both the platform itself, and also some professional services to configure the platform for the specific client. Under this model, ThoughtRiver leads the ‘authoring’ of client data points into structured questions for our AI.

The Lexible Authoring Studio, however, enables new and exciting use cases for our clients, and puts this powerful toolkit in their hands. It is especially exciting for legal service providers looking to deliver innovative client solutions via ThoughtRiver’s platform.

What is Lexible?

Lexible has underpinned the legal development of our contract review capability from the early stages. At Lexible’s heart lies a network of questions (called ‘Properties’) about contract wording, built into a powerful meaning-based taxonomy.

Each Lexible Product is the output of considered legal analysis and requires careful drafting. Lexible is what distinguishes ThoughtRiver’s AI capability from our competitors.

Functionally, Lexible translates points of legal interpretation into meaningful units for ThoughtRiver’s AI. The AI platform analyses the contract wording and predicts the answers to Lexible questions on the basis of training. On top of this, the platform then applies user-customised risk policies to generate a risk report.

Carefully crafted technology

The release of the Authoring Studio is the culmination of several years’ development from design to implementation. The Lexible Authoring Studio allows users to view and develop content within the Lexible framework via a visual interface.

ThoughtRiver’s own Contract Intelligence (CI) experts have been using versions of the Lexible Authoring Studio environment over the course of its development. We will continue to develop and improve the ‘public’ component of the Lexible framework, including a suite of ‘core’ Properties maintained for the benefit of all ThoughtRiver users.

All our customers will benefit from ongoing improvement to the Lexible framework – even those who don’t author themselves.

What the new feature means for our customers and our teams

This release (v3.0.0) gives users outside of our own CI team the potential to become Lexible ‘authors’. This release puts the following capabilities in the hands of customers:

  1. Navigate the Lexible taxonomy
  2. View ‘public’ Lexible Properties created and maintained by ThoughtRiver
  3. Create and edit new ‘private’ Lexible Properties

The product is in the early stages of release, with future versions expected to include:

  1. Creation of advanced Property types
  2. Enhanced drafting and visualisation tools
  3. Features to support a Lexible partnership model including the ability to contribute to ‘Public’ properties which can be shared with the entire Lexible community

Join the Lexible community

The Lexible Authoring Studio is part of our broader vision for a community of Lexible authors focused on developing Lexible content.

We are developing a programme of accredited training units, ranging from basic use of ThoughtRiver’s Review platform to training of Properties in our Training Studio. Fully accredited Lexible authors will have passed a series of supported training units covering Lexible authoring and the skills necessary to deliver a Lexible project.

We invite interested organisations to contact us to explore Lexible Partnership opportunities, either as:

  • Lexible Educators – for law schools and tertiary institutions looking to build research partnerships and workshops for interested students; or
  • Lexible Law Providers – law firms and other professional service providers looking to explore commercial opportunities.

Contact us to learn more about the exciting opportunities to become Lexible authors. Get in touch here about becoming a partner, and to book a demo click here.

For more information about Lexible, please see this short video:

About the author

Lachlan is an Australian qualified solicitor specialising in commercial dispute resolution. He joined ThoughtRiver in December 2018 from international law firm Herbert Smith Freehills. Lachlan is responsible for the development and governance of ThoughtRiver’s contract description framework, Lexible.

[Artificial Lawyer is proud to bring you this sponsored thought leadership article by ThoughtRiver.]