Legal tech win in brief: Stora Enso selects ThoughtRiver

Global renewable materials company Stora Enso has selected ThoughtRiver’s contract analysis technology to run trials to pre-screen a wide range of sales agreements with the purpose of dramatically reducing the time it takes to review contracts.
Christian Swartling, lead counsel, legal services at Stora Enso said: “We have been looking at AI for while but this is the first application we have seen that promises to do the initial reviews and pre-screening that hopefully fits our processes.”
ThoughtRiver software interprets key risk issues in a contract, dynamically applying corporate policies in order to assign an overall risk score to a contract, automating the human triaging process. With research suggesting up to 40% of lawyer time is wasted on low value issues, ThoughtRiver informs legal teams which contracts to look at and which issues to focus on, without having to read them all first.
“We are excited to be working with one of the world’s most innovative renewable materials companies” said Tim Pullan (pictured), founder and CEO at ThoughtRiver. “We look forward to helping them identify the risk and value contained in their contracts.”