Thomson Reuters and CLM company Icertis have formed a strategic AI partnership. The move will focus on ‘integrating CoCounsel’s advanced AI assistant with the Icertis Contract Intelligence platform and its agentic AI capabilities, [so that] businesses can speed up time-intensive contract processes’.
The move follows Icertis deals with Harvey and Dioptra previously.
Accenture, a strategic partner and customer to both Thomson Reuters and Icertis, will play a key role in accelerating client adoption and realizing the full potential of this integrated solution.
This integrated offering will support corporate professionals by leveraging rich legal content from Practical Law and CoCounsel Legal capabilities, such as intelligent drafting, review, and analysis, directly within the Icertis platform, they said.
Joint customers will benefit from seamless integration of Icertis data into CoCounsel, enabling them to utilize CoCounsel’s skills directly on contracts stored within their Icertis repository, they added.
This will enable faster contract cycles and a streamlined, intuitive workflow right where work happens. CoCounsel’s powerful AI insights complement the comprehensive contract intelligence functionality of Icertis, providing a deeper understanding of obligations and stronger compliance in every agreement, they concluded.
Laura Clayton McDonnell, president of Corporates at Thomson Reuters, commented: ‘The pressure on legal, procurement, and other corporate professionals to deliver strategic value while navigating the intersection of commerce and compliance is immense.
‘Our partnership with Icertis represents a pivotal advancement. We empower corporate professionals with the most advanced, content-driven, AI technologies to streamline contract review, allowing more time to focus on the company’s commercial goals. Our vision is to fundamentally transform how organizations approach and manage contracts.’
Meanwhile, Anand Veerkar, Chief Revenue Officer, Icertis, concluded: ‘We have curated one of the largest contract data repositories in the world, and this partnership enables us to integrate Thomson Reuters’ comprehensive legal data to create a seamless customer experience that transforms the way legal teams work.’
Is this a big deal? Yes. First Icertis did a deal with Evisort (now part of Workday) in order to gain some additional AI skills for contract review and analysis. Then they cut a deal with Harvey to get their new genAI skills, and more recently did a deal with Dioptra, also a genAI pioneer, although a lot smaller than Harvey.
But, now they’ve gone all-in….and done a deal with legal tech and data giant Thomson Reuters – and the deal is much deeper and wider than the other ones. As noted above, this is going to also tap Practical Law, TR’s huge contract data store, along with the CoCounsel AI skills for review and drafting.
One question that instantly comes to mind is: why do Icertis’s clients need three, (and maybe four if we include Workday) AI-driven contract systems…? Isn’t one enough? And won’t having so many approaches just be a little too much?
Or is the plan to simply allow the clients to use whichever they fancy, and perhaps already have some links to?
The addition of Accenture may help in all of this, although it’s unclear if they will only help with the TR side of implementations, as opposed to helping clients, for example, use Harvey as well.
While it’s quite normal for CLM companies to do hook ups with consultants of many different varieties to help them reach more customers, few such legal tech businesses cut contract AI deals with so many other vendors.
Perhaps it’s one of those hub and spoke things…?
I.e. Icertis wants to be the hub and all the AI vendors become spokes on their CLM wheel….?
Interesting strategic move in any case as it puts TR deeper into the inhouse world as well.
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