Thomson Reuters today (18 August) unveils a new version of Thomson Reuters HighQ, within which the headline news is that Contract Express is now fully integrated within HighQ 5.4. E-billing and matter management solution Legal Tracker is also integrated within the new version.
“In July of 2019, Thomson Reuters was thrilled to acquire HighQ, an open, best-in-class platform at the heart of the legal software ecosystem,” said Irish McIntyre, head of legal software and workflow for Thomson Reuters. “Now, just a little over a year later, two market-leading Thomson Reuters software products are integrated with HighQ and we are introducing the most significant HighQ release to date.
“There are more than 100 new features or enhancements in the latest version to solve our customers’ biggest challenges and to help them work better virtually.”
Contract Express now powers HighQ’s document automation. Contract Express templates can now be associated with HighQ sites and accessed to generate documents. These documents and associated data are stored natively in HighQ, enabling the user to integrate and establish workflows, collaborate, co-author, and utilize new data-visualization capabilities.
A client, for instance, could complete an iSheet form, which would trigger the creation of a contract, along with a series of other designated actions, including creating a folder, saving the document to the folder, sending emails, and sending the contract for review and approval.
With the new contract analysis engine, users can compare hundreds of documents against a model form to quickly identify which agreements present the most deviation from the standard form, often a proxy for risk. Documents, including contracts, can be clustered according to their similarity to quickly identify groups of documents. The contract analysis engine also can be trained to recognize new clauses, allowing customers to build their own clause banks.
HighQ 5.4 also allows customers to manage projects and processes more effectively. For example, the 5.4 release introduces sub-tasks, and HighQ users can also create rules that trigger upon completion of a task, such as setting a rule to create another task or re-assign that task to someone else.
HighQ 5.4 allows for Legal Tracker to be integrated with the document management capabilities in HighQ. This puts enhanced tools for work product collaboration in the hands of in-house teams, increasing productivity. Legal departments can use HighQ document management to securely store and search documents and emails, control and compare versions, view audit history, and access documents offline without having to leave standard productivity tools.
It is the ability to create a platform for users and simplified user experience that sealed the deal for Thomson Reuters when it acquired HighQ. Speaking to Legal IT Insider the day after the acquisition, managing director Lucinda Case said: “Our customers are faced with an explosion of Legaltech, regtech, taxtech, proptech, and fintech and their challenge is how to work with multiple products and different integrators. HighQ has solved a lot of those challenges, as it has built the platform and for us this acquisition provides an opportunity to expand our own productivity offering.
“We already integrate with HighQ and Contract Express and by creating this open platform, we can integrate Thomson Reuters solutions and third-party solutions and deliver that all up to the legal profession with a single unified experience. So, from a customer perspective it helps them to simplify the way they are making the most of the most of legaltech and regtech solutions.”
You can read that article in full here: https://legaltechnology.com/thomson-reuters-the-platform-the-post-highq-acquisition-analysis/