Freshfields signs deal to use artificial intelligence technology for contract review
Magic circle firm becomes next big law firm to sign artificial intelligence deal
September 26, 2016 at 05:26 PM
2 minute read
Freshfields Bruckhaus Deringer has become the latest law firm to adopt artificial intelligence (AI) technology, after trialling its use in the firm's Manchester legal services centre.
The magic circle firm has agreed a deal to work with software provider Kira Systems, which already has similar arrangements in place with DLA Piper and Clifford Chance.
Freshfields has been trialling a number of different AI tools during the past year, but settled on Kira because "unlike other machine-learning software, it allows Freshfields' lawyers to train the algorithm to meet their specific needs", according to a statement by the firm.
The software is designed to search and analyse contract text, and can also be used across a number of different areas including due diligence, general commercial, corporate, real estate and compliance.
Freshfields director of legal services innovation Isabel Parker said: "Kira can be configured around our own custom provisions, using our knowledge base, ensuring that it is perfectly tailored to clients' needs. It complements our own legal expertise and will further enhance the quality of work delivered to clients, while helping to free up the legal services centre team to focus on more complex areas of work."
In March, Kira also signed a deal with Deloitte, allowing the Big Four accountancy firm to use its machine-learning technology to review documents related to M&A deals, investigations and contract management.
Fellow magic circle firm Linklaters announced a deal with rival technology company RAVN in May, allowing its lawyers to use RAVN's services for a number of automated tasks.
Elsewhere, Slaughter and May has been working with Luminance Technologies – a new company funded by Autonomy co-founder Mike Lynch's tech investment firm – to pilot AI technology designed to streamline the due diligence process.
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