‘We believe that this innovative technology will do for corporate transactional work what e-discovery has done for litigation. It will not only make due diligence faster and more efficient, but will mitigate risk throughout the process, all of which are important benefits for our clients and the firm.’(Jonathan Klein, chair of DLA Piper’s US Mergers and Acquisitions practice)Users of Kira consistently report savings of 20–60% or more time on contract review projects, even the first time using the software. In 2015 alone, Kira was trusted on due diligence in over $100 billion of transactions, both small and large, worldwide.More than one interviewee spoke of running comparison tests between different products and also between a machine and humans. One Director of Innovation described two tests, one with a client matter that had already been completed, so they knew how long it took humans to do it. Running the same number of documents with the machine, without doing any training on the machine at all, provided a 40-50% efficiency saving, even accounting for the human review time. For the second test, the firm taught the machine provisions from scratch, and that ‘had a really phenomenal, like, 79% efficiency saving’(Director of Legal Services Innovation, Top 50 firm, B2B).One interviewee suggested systems like Kira offer a powerful tool for knowledge management: ‘if you can start to put all your documents in through something like Kira and start to tag it, there’s quite a lot of power in what you can do with that and overlaying data analytics on top of it, to give proper client insight internally, has a tremendous power’(Director of Legal Services Innovation, Top 50 firm, B2B). The benefits to firms include the ability to gain immediate insight from information held in a massive amount of legal documents, to spot patterns hidden in the data and to understand relationships between different concepts, terms and clauses. Another example showed where machine learning was being applied to support decisions around risk.Capturing Technological Innovation In Legal Services|
38MACHINE LEARNING/ AIThoughtRiver and Taylor Vinters; ThoughtRiver’s Contract Intelligence software uses artificial intelligence to scan and interpret information from written contracts used in commercial risk assessments, and produce visualisations of the potential risks and other issues. By quickly identifying risks from the structured information of a contract and presenting them in a visual format, which are compiled in a central online ‘dashboard’, corporate in-house Chief Financial Officers, General Counsels and other contracting functions can make better decisions, more quickly.