Baker Donelson is adding artificial intelligence technology to its suite of innovations through adoption of Kira, machine-learning artificial intelligence software from Kira Systems.
Baker Donelson will implement Kira to conduct due diligence for transactions as well as for contract review and analysis.
Kira will be deployed on complex acquisitions and capital raises for businesses with large contract bases like wholesalers, retailers, service providers and franchisors.
Kira Systems’ software uses machine learning technology to uncover information in contracts – even when the wording varies from document to document. Lawyers use Kira to help automate the extraction and analysis of key provisions from both structured and unstructured contracts.
Kira will streamline the review process and increase accuracy in conducting due diligence for mergers and acquisitions, real estate deals and other transactions. Meredith Williams, chief knowledge management officer of Baker Donelson, says, “In pilot projects with Kira, we were able to reduce the amount of time our attorneys spent on due diligence and saw high accuracy rates.”
Baker Donelson will also utilize Kira Systems’ software for contract review and analysis. Kira will assist in tasks such as reviewing existing contracts, extracting provisions, tracking renewals and building a contract database to allow the firm’s attorneys to identify contracts that need attention.
Bruce Doeg, Baker Donelson’s chief strategic officer and a corporate attorney who works with corporate clients on their contracting needs, says, “Many of our clients have amassed large numbers of contracts as a result of acquisitions and are turning to us for more efficient ways to categorize and manage them.
“Others are looking to better understand variations from standard terms and forms to improve their overall approach to contracting, or to more effectively check conformity across large contract portfolios with changes in the law.
“The use of AI creates the opportunity for significant advances and efficiencies in the approach to contracts.”
The implementation of Kira is being led by Baker Donelson’s Innovation Group, which was formed to streamline processes and enable the firm’s lawyers and professional support staff to develop and implement new ways of providing client value, Baker Donelson said in a press release.
Source: Baker Donelson