LONDON, April 23, 2024 /PRNewswire/ -- Legal tech AI software provider, ThoughtRiver, is redefining AI-powered contract review through its unmatched accuracy and efficiency. Leveraging insights from the latest industry research conducted by Agiloft, ThoughtRiver highlights its leadership in transforming legal professionals' approach to contract analysis and review with its Generative AI platform.
Agiloft Research Highlights Urgent Need for AI in Legal Sector
Recent Agiloft research illuminates the current state of AI adoption in the legal and procurement sectors, revealing that only about 20% of professionals are utilising AI technologies. The study also indicates a significant shift on the horizon, with over 50% of non-users planning to adopt AI solutions within the next 6 to 12 months. Despite this growing interest, the research uncovered scepticism among legal professionals regarding AI's reliability, with the majority rating its dependability at a middling 4 or 5 out of 7.
ThoughtRiver Responds with Precision and Transparency
ThoughtRiver tackles the industry's scepticism by not just meeting but exceeding expectations. The platform's success is underscored by ThoughtRiver's Lexible Fusion AI. Demonstrating an impressive 97% accuracy in identifying contractual risks, significantly outperforming other vendors.
"Accuracy is a north star for us and a commitment to our clients," says Pascal D'Souza, Client Director at ThoughtRiver. "Understanding the critical nature of contracts in business operations, we ensure our AI delivers precision that legal teams can depend on time & time again, reducing risks and empowering strategic decision-making."
Overcoming Industry Scepticism with Hard Facts
In a bold move to build confidence among legal professionals, ThoughtRiver has taken the unprecedented step of publishing its accuracy metrics, providing tangible proof of its effectiveness and reliability. This transparency places ThoughtRiver at the forefront of the legal tech industry's push towards wider AI adoption.
The Future of AI in Legal Contract Review
ThoughtRiver is not stopping at current achievements. The company is dedicated to advancing its AI technology to not only allow lawyers to get to signature faster, but also offer deep analytics across entire contract portfolios as well as already being able to integrate directly into popular tools for lawyers such as Microsoft Word, Teams, and email inboxes. This forward-thinking approach is a testament to ThoughtRiver's commitment to driving innovation in legal tech.
More information
ThoughtRiver website - https://thoughtriver.com
Agiloft. (2024). AI Usage and Intent in the Legal Industry. https://resource.agiloft.com/ai-your-way/ai-usage-and-intent-in-the-legal-industry
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