DLA Piper announced today that it has partnered with Kira Systems to implement an artificial intelligence tool for document review during the due diligence process for M&A transactions.
"We believe that this innovative technology will do for corporate transactional work what e-discovery has done for litigation," said Jonathan Klein, chair of DLA Piper's US Mergers and Acquisitions practice. "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."
"It's clear that using tools like Kira will transform the way in which we deliver our services to clients. On a recent deal, our knowledge and experience combined with Kira meant that we could deliver to much faster timelines with greater accuracy and efficiency," said Lyndon Masters, Corporate M&A partner in Brisbane.
Kira Systems' advanced, machine-learning software, which will be available for DLA Piper lawyers across the global firm, searches and analyzes text in contracts, giving parties a faster and more complete review and analysis than conventional methods. Kira's contract search capabilities were developed for third-party review in due diligence and can handle standard and non-standard forms and provisions, including documents in more than 60 formats, by automating the extraction and analysis of key contract provisions and creating summaries in seconds and analysis in just a few minutes.
"Driving innovation - on behalf of our clients and across the firm - is a key strategic initiative for DLA Piper," said Bob Bratt, US Chief Operating Officer and Executive Director. "Improving the due diligence process for client transactions is an important step in that direction and one that will reap immediate benefits in process improvement and building greater efficiencies."
"New technology is emerging at a rapid rate within the legal sector. It's crucial that firms are constantly evaluating and implementing new technologies to complement their existing service delivery models. Part of that means committing to bold investments, such as Kira, on an ongoing basis," said Andrew Darwin, International Chief Operating Officer.
DLA Piper has already piloted Kira in deals handled by its Corporate and Intellectual Property and Technology practices, and was able to measure tangible improvements in speed and accuracy. The firm plans to quickly roll the program out to its corporate lawyers around the world, while looking at opportunities for expansion into other practices by teaching Kira to identify provisions needed for contract review in these other areas.
"DLA Piper, in addition to being a global leader in M&A, is at the forefront of innovation in legal practice," said Noah Waisberg, CEO and co-founder of Kira Systems. "We could not be more excited to be working with them."