AI Case Study
Osler, Hoskin & Harcourt LLP increases document review efficiency by using Kira document analysis software to draw out relevant information from contracts
Osler, Hoskin & Harcourt LLP have used the machine learning-based Kira document analysis software to identify key points of information and discover the portions of documents which hold relevant information and need further analysis. This automates portions of the due diligence process, making it more efficient.
Industry
Professional Services
Legal
Project Overview
"Kira helps lawyers review contracts faster and more accurately. It finds and highlights diligence-relevant provisions (e.g., change of control, assignment, term), automatically prepares summary charts, and includes workflow and data analysis tools to help users understand and refine results. 'Kira was a good starting point
as it identified the area of the agreement that had the information
we were looking for, which can save a lot of time. The software is
user friendly, and it is very straightforward to train someone on it;
customer service was quick to respond whenever I had an issue.' "
Reported Results
One of Chemtrade's internal lawyers states, “We had a positive experience with Kira on this acquisition. It made the due diligence process speedy and much more cost effective. We plan to use this tool going forward, including for document review for some internal projects we’re working on."
Technology
"Kira automatically converts files into machine readable form, and then uses machine learning models to identify the concepts and clauses you specify. Kira is available with a large number of pre-built machine learning models for common contract review tasks such as due diligence, general commercial compliance, lease abstraction, ISDA schedules, and more. Or, create custom provisions using Kira Quick Study."
Function
Information Technology
Knowledge Management
Background
"Osler, Hoskin & Harcourt LLP is primary outside counsel to Chemtrade Logistics Inc. , which provides industrial chemicals and services to customers in North America and around the world. In January 2014, it closed a deal to acquire General Chemical Holding Company. For the General Chemical acquisition, Osler, Hoskin & Harcourt LLP conducted their legal due diligence contract review with the assistance of Kira Systems’ software, Kira."
Benefits
Data
Variety of document types