18 December 2020
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Kira: the machine learning software that identifies and analyzes text in your legal documents

About Kira Systems

Kira Systems is on a mission to enlighten the world’s enterprises by enabling them to truly know what’s in all of their contracts and documents. We have evolved far beyond contract review for M&A due diligence, real estate lease abstraction, and contract management system implementation by extensively covering banking and finance, audit and accounting, anda wide range of general corporate and commercial needs.

Concept of your software

Kira Systems’ technology is the most used and trusted software for contract review and analysis, helping the world’s largest corporations and professional service firms uncover relevant information from unstructured contracts and related documents.

Main features

Please read the document attached.

What benefits does it bring to a lawyer or office

Small Law Firm

Lawyers can increase the efficiency of their review process, take on more cases than before, and enhance client services by leveraging Kira to easily extract insights from their contracts and documents.

Audit (Big 4)

Audit teams can take a cost-effective approach to focus on quickly identifying risks, streamlining audit reviews, and increasing audit quality, reliability and client satisfaction, by leveraging Kira to easily find and gain actionable insights from the trusted information in their contracts and documents.

Corporations

Corporations can effectively mitigate risk, reduce costs by increasing efficiency, and be highly responsive to regulatory changes by leveraging Kira’s features to easily find insights from their contracts and documents, ultimately fostering data-driven decisions and completing executive-level initiatives with greater confidence.

Corporate Legal

In our ever-evolving legal landscape, in-house legal teams can quickly identify contract terms and anticipate risks, focus their time and resources on delivering high-quality services to clients, and reduce spending on outside counsel, by leveraging Kira’s features to easily find and gain actionable insights from the trusted information in your contracts and documents.

How does it work

Patented Machine Learning Technology

Kira is a supervised machine learning platform augmented by our in-house subject matter experts, adding intelligence and visualization capabilities to enhance the accuracy and efficiency of your contract and document review process.

1,000+ Built-In Smart Fields

Instantly get started on contract review projects by using Kira’s built-in smart fields. Trained by experienced lawyers, accountants, and subject matter experts, this out-of-the-box feature extracts over 1000 common provisions, clauses, and data points for you with high accuracy.

In our next release this month, the number of provisions and other concepts that Kira can understand out-of-the-box will exceed 1000. The latest set of new built-in “smartfields” will cover important key provisions, clauses, and other data points relating to Articles and Bylaws, Data Protection, Lease and Equipment Lease Accounting, as well as Indentures.

Quick study

Quick study empowers teams to meet the unique needs of clients or businesses by easily creating custom smart fields so Kira can accurately identify any desired provisions, clauses, and data points needed.

Starting on February 29th we will begin rolling out a series of new product releases, focusing first on enhancements to Quick Study. To date, Kira customers have built and used over 20,000 of their own smart fields using Quick Study. These upcoming enhancements will give them even more power to expand upon what Kira can do. In subsequent releases this year, Kira will also give you theability to:

• Deeply interpret the meaning of provisions: Users will be able to teach Kira to not just find concepts, but to interpret the text and produce structured information. This empowers our users to tailor Kira’s capabilities even more precisely, and to quickly surface the insights they and their clients need.

• Share expertise in new ways: Kira users will be able to share smart fields beyond their own organization to other firms and clients. The smart fields that our users train in Kira today represent the knowledge and experience of the lawyer who trained them. Kira helps amplify that expertise by applying it across any number of documents. Enabling firms to share that expertise outside of their own walls, which will open up new possibilities for firms to develop new client service models.

Cost

Kira is priced to scale based on the size of implementation. For law and professional services firms, this is tied to the volume of contract/document review they do for clients. For corporations, pricing is based on the number of contracts they desire to make searchable in the system.

Copyright © The Impact Lawyers. All rights reserved. This information or any part of it may not be copied or disseminated in any way or by any means or downloaded or stored in an electronic database or retrieval system without the express written consent of The Impact Lawyers. The opinions expressed in this article are those of the authors and do not necessarily reflect the positions or policies of The Impact Lawyers.
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