Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has announced a strategic partnership with machine learning software provider, Kira Systems. The firm will use Kira in its Legal Services Centre to support efficient delivery of transactional work across all practice groups.
The software uses machine learning, a type of artificial intelligence technology, to enable fast and accurate contract review. The adoption of this technology is reflective of the firm’s focus on innovation and its commitment to providing the most efficient service to clients.
Freshfields made the decision to adopt Kira after a yearlong trial of different machine learning technology solutions.The firm chose Kira because, unlike other machine learning software, it allows Freshfields’ lawyers to train the algorithm to meet their specific needs.
Freshfields’ Director of Legal Services Innovation, Isabel Parker, said, ‘Kira can be configured around our own custom provisions, using our knowledge base, ensuring that it is perfectly tailored to clients’ needs. It complements our own legal expertise, and will further enhance the quality of work delivered to clients while helping to free up the Legal Services Centre team to focus on more complex areas of work’.
Commenting on the partnership, Joint Managing Partner, Stephan Eilers, added, ‘Kira is an important part of our wider innovation agenda, which is driven by our commitment to outstanding client service. It will bring significant benefits in speed of delivery and cost-effectiveness, enabling our Legal Services Centre to deliver even greater value to clients around the world’.
Kira Systems’ Co-Founder and Chief Technology Officer Alexander Hudek commented, ‘We are proud that Freshfields selected Kira after evaluating various tools over the past year.Our proprietary technology, which is both highly accurate and easy to use, is the result of our ongoing R&D efforts.To be selected by such a prestigious and innovative firm is a satisfying validation of our work’.
Freshfields Bruckhaus Deringer LLP is a global law firm with a long-standing track record of successfully supporting the world’s leading national and multinational corporations, financial institutions and governments on ground-breaking and business-critical mandates. Our 2,800 plus lawyers deliver results worldwide through our own offices and alongside leading local firms. Our commitment, local and multi-national expertise and business know-how means our clients rely on us when it matters most. http://www.freshfields.com/en/global/
About Kira Systems
Kira Systems helps enterprises uncover relevant information in unstructured contracts and related documents. Its powerful, award-winning software excels at searching and analysing contract text. Kira offers pre-built, machine learning models covering due diligence, general commercial, corporate organisation, real estate and compliance. Using Kira Quick Study, anyone can train additional models that can accurately identify virtually any desired clause. Kira can be deployed on virtual data rooms and other large repositories of contracts, creating summary analyses within minutes. Customers, who include some of the world’s largest corporations and professional services firms, trusted Kira on over $100 billion of M&A transactions in 2015 alone. They also deploy Kira for knowledge management, contract search, analytics, and other use cases where visibility into contract provisions is critical. https://kirasystems.com