Kira Systems: Revolutionizing Contract Review with ML

Kira Systems: Revolutionizing Contract Review with ML

Updated by Legavima Content Team
Table of Contents

Introduction

Kira Systems is a machine learning platform that specializes in contract review, particularly in M&A due diligence. It offers over 1,000 built-in smart fields and the Quick Study feature, enabling users to create custom models without coding. The platform is trusted by 64% of Am Law 100 firms and 84% of the top 25 global M&A firms, underscoring its value in the industry.

Kira Systems Contract Review Process: Introduction Diagram

What Kira Systems Actually Does

Kira Systems utilizes machine learning to extract specific provisions, clauses, and data points from contracts, such as change of control and governing law clauses. It integrates proprietary machine learning models with optional generative AI capabilities. The platform’s core functionality is based on supervised learning, honed over a decade of development. Users input contracts, specify fields, and Kira extracts relevant language with confidence scores, transforming document reviews into systematic processes. Integrated with Litera, this capability complements document comparison and workflow tools.

How Kira Extracts Contract Data: What Kira Systems Actually Does Diagram

The Quick Study Differentiator

Quick Study sets Kira AI apart. It enables users to train custom models by providing examples, without the need for coding or a data science background. By identifying a unique provision type and providing examples, Kira locates similar provisions in other contracts. This empowers legal staff to customize models, reducing reliance on IT or vendor support. Previously, non-standard provisions across numerous contracts required either costly custom development or manual review. Quick Study streamlines this process.

Quick Study Custom Model Training: The Quick Study Differentiator Diagram

Frequently Asked Questions

What types of contracts can Kira Systems analyze?

Kira Systems is designed to review a wide range of contracts, including those commonly found in mergers and acquisitions (M&A), such as purchase agreements, confidentiality agreements, and licensing contracts. Its customizable features allow users to adapt the platform for various industries and specific contractual needs.

Do I need to have programming skills to use Kira Systems?

No, Kira Systems' Quick Study feature allows users to create custom models without any coding knowledge. Users can simply input examples of the provisions they want to identify, making it accessible for legal professionals of all backgrounds.

How does Kira Systems ensure the accuracy of extracted data?

Kira Systems utilizes machine learning with a foundation of supervised learning, which benefits from years of refinement and a substantial database of legal documents. Each extraction is accompanied by a confidence score, helping users assess the reliability of the results.

Can Kira Systems be integrated with other tools we use?

Yes, Kira Systems seamlessly integrates with Litera, offering enhanced functionalities for document comparison and workflow management. This integration allows teams to use Kira's capabilities alongside their existing tools, improving overall efficiency in contract management.

Is training on Kira Systems available for new users?

Kira Systems typically offers training sessions for new users to familiarize them with the platform's capabilities, including how to use the Quick Study feature effectively. These training sessions can help users quickly navigate the system and maximize its benefits.

How does Kira handle non-standard provisions in contracts?

Thanks to the Quick Study feature, users can train Kira Systems to recognize non-standard provisions by providing relevant examples. This capability allows for the identification and extraction of unique provisions that may not be part of predefined templates, enhancing contract review efficiency.

What is the typical implementation timeline for Kira Systems?

The implementation timeline for Kira Systems can vary depending on organizational needs and the scale of deployment. Generally, users can start seeing results relatively quickly, especially if they utilize the Quick Study feature to customize their experience from the outset.

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