In its continuing effort to provide business clients with world-class legal services better, faster and more cost effectively, Baker Donelson is adding artificial intelligence (AI) technology to its suite of innovations through adoption of Kira, the market leading machine learning artificial intelligence software.
Baker Donelson will implement Kira to conduct due diligence for transactions as well as for contract review and analysis, two key areas where the technology will build on the abilities of the Firm's attorneys to increase efficiency and accuracy. Kira will be deployed on transactions best suited to the use of the platform, such as complex acquisitions and capital raises for businesses with large contract bases like wholesalers, retailers, service providers and franchisors. Kira Systems' award-winning 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, accelerating and improving the accuracy of due diligence, deal terms studies, general contract reviews, regulatory compliance and more.
"Kira brings a whole new model of delivering service to our clients," said William S. Painter, Baker Donelson's chief innovation officer. "It exemplifies our Firm's philosophy of using innovative technologies combined with our experience and industry-leading processes and systems for more efficient and cost-effective delivery of exceptional legal services."
Kira will streamline the review process and increase accuracy in conducting due diligence for mergers and acquisitions, real estate deals and other transactions. Meredith L. Williams, chief knowledge management officer of Baker Donelson, noted, "In pilot projects with Kira, we were able to significantly reduce the amount of time that our attorneys spent on due diligence and saw extremely high accuracy rates. These are efficiencies that directly benefit our clients and allow our attorneys to focus on issues they most need to address."
Baker Donelson will also utilize Kira Systems' software for contract review and analysis, an area of high demand among clients looking to evaluate and manage contracts that can number in the thousands. 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 for the client those contracts that need attention.
Bruce C. Doeg, Baker Donelson's chief strategic officer and a corporate attorney who regularly works with corporate clients on their contracting needs, said, "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. A combination of innovative staffing, legal process methodology and the use of AI and other advanced technology 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 empower the Firm's lawyers and professional support staff to develop and implement new and innovative ways of providing client value. The Innovation Group comprises several areas that are key drivers of innovation, including legal project management through the Firm's patent-pending BakerManage system, knowledge management, information technology, pricing, eDiscovery/practice support, research and non-traditional services, including the Firm's consulting subsidiary LegalShift™.
"Baker Donelson's decision to adopt Kira is a testament to the Firm's commitment to enhancing client service," said Dan Von Weihe, vice president of Sales at Kira Systems. "We are pleased that our system will become part of their platform of solutions focused on innovation in the delivery of legal services."
Copyright © 2016 Legal IT Professionals. All Rights Reserved.