Australasia News
Allens, an international commercial law firm, has collaborated with Kira Systems and Neota Logic on the development of a solution to automate the lease review process.
The solution combines a technical integration between the Kira Systems and Neota Logic software platforms, along with the expertise of Allens legal experts to reduce the time taken to assess risk in leases by up to 30%.
Kira Systems’ software, Kira, automatically identifies and extracts material contract lease clauses into an exportable summary chart to accelerate and improve the accuracy of lease review, Neota Logic’s technology then enables rule-based decisions to be automated on the extracted data, based on the level of risk involved in the terms.
“Assessing portfolios of leases to identify risk is a critical part of our client advisory work,” said Victoria Holthouse, Real Estate Partner at Allens. “It makes good business sense to look for ways that technology can speed up the process of document review, while maintaining the reliability and accuracy of manual lease review. Kira Systems and Neota Logic have delivered what we need to automate our expertise and provide our clients with informed answers faster.”
Said Andrew Shimek, COO and President of Neota Logic, “We’re thrilled with the work that we’ve done with Allens and Kira Systems to combine our knowledge and technical power to deliver a solution that has measurable impact for clients involved in the time-intensive work of contract review.” Allens, Kira Systems, and Neota Logic will continue to look for ways to collaborate on application development that provides expertise at scale to clients across a myriad of legal areas.
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