Foley Launches Artificial Intelligence Assisted Contract Review Solution
Foley & Lardner LLP announced today the launch of Foley Equipped, a solution powered by ThoughtRiver that harnesses artificial intelligence (AI) to quickly identify and prioritize missing and important provisions during contract review. Foley Equipped makes it possible for Foley’s clients to have agreements reviewed faster, leading to more closed deals all while mitigating risk.
“Managing the heavy flow of commercial contracts is a significant pain point for many of our clients,” said Foley Partner, Chair Manufacturing Sector – Supply Chain, Kate Wegrzyn. “By leveraging Foley Equipped, in-house legal counsel, as well as business and procurement teams, can ensure a level of review for high-risk items while freeing up time to focus on more complex, higher value initiatives.”
Foley Equipped’s machine learning algorithms are derived from hundreds of templates and negotiated agreements from Foley’s knowledge base, allowing the software to review contracts and quickly identify high-risk clauses, provisions that are outside of commercial norms, and important terms that may be missing.
“Foley Equipped helps shorten review time without compromising high quality standards. It also reduces operating expenses and gives general counsel offices greater ability to accurately budget legal costs,” added Foley Partner Chanley Howell.
The software incorporates Foley’s sample clauses and can be customized to include clients’ preferred language. Foley attorneys verify the AI advice and revise the agreement as appropriate based on client’s requirements, at a rapid turnaround time. The tool can also be integrated into the client’s system, permitting in-house teams to have direct access to and use of the technology.
“One feature that sets Foley Equipped apart is that the system integrates directly into MS Word through a Microsoft-approved add-in. This permits Foley-developed playbook commentary and model contract language to be available directly in Word during the review and revision process. In short, Foley Equipped is a tool that puts decades of Foley’s legal experience at your fingertips, with rapid, ‘one-click updates’ reducing the burden of high volume contract reviews,” said Paul Picciotta, Director of Competitive Technology for Foley Equipped.
For more information on Foley Equipped, visit here.
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Foley & Lardner LLP is a law firm that stands at the nexus of the energy, health care and life sciences, innovative technology, and manufacturing sectors. We look beyond the law to focus on the constantly evolving demands facing our clients and act as trusted business advisors to deliver creative, practical, and effective solutions. Our 1,100 lawyers across 25 offices worldwide partner on the full range of engagements from corporate counsel to IP work and litigation support, providing our clients with a one-team solution to all their needs. For nearly two centuries, Foley has maintained its commitment to the highest level of innovative legal services and to the stewardship of our people, firm, clients, and the communities we serve.