March 5, 2018
Thomson Reuters Collaborates with eBrevia to Deliver AI-Driven Contract Remediation Solution
New solution enables contract remediation at speed with a repeatable, defensible process, primed for complex global compliance events such as GDPR and economic or commercial drivers such as Brexit
NEW YORK, MARCH 5, 2018 – Thomson Reuters has teamed up with eBrevia, a leading machine-learning contract analytics platform, to help enterprises tackle large and complex contract remediation projects involving commercial contracts. The collaboration enhances the award-winning managed services from Thomson Reuters with greater technology enablement, accelerating clients’ ability to execute on contract remediation.
As an established leader in contract remediation and repapering efforts, Thomson Reuters is trusted by clients to deliver continually improving speed and accuracy without compromising defensible processes. Remediation has historically been labor-intensive, requiring large teams and manual effort. To reduce that effort, Thomson Reuters explored whether an AI partner could provide more automation to its remediation solution. After expansive testing undertaken by Thomson Reuters managed services experts and technologists, eBrevia was selected.
“We sought an innovative partner that not only could deliver results but also could work with us to build something beyond just traditional data extraction,” said Eric Laughlin, managing director, Thomson Reuters Legal Managed Services. “To make our selection, we pressure-tested emerging abstraction technologies with real world contract sets, and found that the machine learning technology employed by eBrevia delivered consistent results while offering excellent project management and quality control features.”
“We are pleased that eBrevia’s machine learning technology will be used by managed services professionals at Thomson Reuters to augment their deep domain expertise to deliver both time savings and increased accuracy for contract remediation and other use cases,” said Adam Nguyen, eBrevia’s co-founder and chief operating officer.
eBrevia’s AI engine powers Thomson Reuters contract remediation services by identifying three critical data points based on the client’s remediation plan: clauses needing revision, the absence of clauses required by the regulation, and the components required to generate a contract amendment. Thomson Reuters then leverages this intelligence to generate amendments in Thomson Reuters Contract Express, offering a seamless workflow for securing approval and digital signature.
This solution improves speed by at least 30 percent. At the same time, the combined technology and managed services offering increases control and consistency, improving efficiency when evaluating contracts against customer requirements and remediating accordingly.
“While repapering is not a new task, remediation requirements of the scale we’re now seeing with the GDPR or Brexit can be challenging for most companies,” said Laughlin. “We are already serving the complex repapering needs of global financial institutions, and now commercial clients who are facing similarly critical remediation projects can also trust Thomson Reuters for a leading technology-enabled solution.”
Thomson Reuters Legal Managed Services provides contract management, financial trade documentation, regulatory change management, managed discovery, document review and advanced litigation services to law firms and corporate legal departments. Its contract solutions help global legal departments prepare for and meet existing and new regulatory requirements such as uncleared margin rules, MiFID II, Brexit and more. For information on Thomson Reuters Legal Managed Services contract remediation solution, please visit: legalsolutions.com/contract-remediation
Thomson Reuters is the world’s leading source of news and information for professional markets. Our customers rely on us to deliver the intelligence, technology and expertise they need to find trusted answers. The business has operated in more than 100 countries for more than 100 years. For more information, visit www.thomsonreuters.com.
eBrevia is a leading enterprise contract review and analysis software company that leverages machine learning developed in partnership with Columbia University to quickly and accurately extract information from unstructured data. The software, which summarizes key legal provisions and other information, is used in due diligence, contract management, lease abstraction, and audit and compliance. eBrevia’s clients include Fortune 500 companies, audit/consulting firms, law firms, and financial institutions around the world. For more information, visit www.ebrevia.com.