Continental Europe News
Commercial law firm CMS has signed an agreement with Canadian company Kira Systems for the use of its Kira machine learning software. The software uses artificial intelligence to identify, analyse and extract clauses and other information from contracts and other types of documents.
It includes integrated machine learning models for a range of transaction requirements, and can be trained by CMS to handle reviews in a variety of practice areas. The tool can also identify different clauses across a large volume of contracts with a high degree of accuracy. A CMS team from the Knowledge Management section will make the necessary preparations for deploying the software and train the system during the set-up phase.
“We believe that using artificial intelligence software will further enhance our legal services. By deploying Kira, we expect to be able to handle large quantities of data and due diligence processes better, faster and more efficiently,” said Stefan Sieling, a partner at CMS in Germany and responsible for the firm’s knowledge management.
“CMS is a leading firm and we are excited to be working with them,” said Noah Waisberg, co-founder and CEO of Kira Systems. “We are quite pleased they have adopted Kira as part of their legal innovation strategy, and it is thrilling to have their lawyers in Germany working with our AI to assist with their work.”
Embracing legal tech in general and Kira in particular is part of CMS’ digitisation strategy. Last year, the law firm began using HotDocs software, a tool for efficient drafting of high-quality contracts, and also introduced FPE, an award-winning client product for risk assessment around using external personnel. With this early adoption, CMS is setting the benchmark for legal tech in Germany. CMS is also planning to apply Kira to German documents. The software is expected to be used in the context of transactional advice.
“Identifying typical clauses in a large number of contracts has always been a challenge for major law firms. Machine learning technologies will enable us to provide our lawyers with new tools so they can use short timeframes even more effectively to focus on delivering legal excellence,” said Dr Frederik Leenen, counsel and head of legal tech at CMS in Germany.
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