Legal tech companies Neota Logic, Kira Systems and HighQ have collaborated together to create a prize-winning real estate solution with Linklaters’ Australian ally, Allens.
The AI-driven application is called REDDA, which stands for Real Estate Due Diligence App. It won the ILTA annual prize for ‘Innovative Project of the Year’ this month.
Allens partner Victoria Holthouse explained: ‘Too much time is spent on reviewing large volumes of data. REDDA provides real-time access to flagged issues, faster turnaround and greater efficiency in large matters. Our lawyers can then focus on the flagged issues that require time and expertise.’
‘We brought together a multidisciplinary team to work with Neota Logic to find a way to embed more than 20 years of legal knowledge into a tool that analyses leases and flags material issues that require further review,’ she added.
The news is a good illustration of how a legal AI doc review company, Kira Systems, can work with an expert system, Neota Logic, and a collaborative legal data-sharing platform, HighQ. Each brings something special to the mix and the end result is a more powerful AI-driven application.
Artificial Lawyer asked Kira Systems’ CEO Noah Waisberg (pictured above) about the collaboration and how the AI ‘product’ works.
‘When Allens starts working with a client with a large real estate lease portfolio, Kira automatically extracts 60 key provisions from real estate leases,’ said Waisberg. Then Neota kicks-in and plays its part.
‘Neota Logic [then] analyses the Kira extraction results together with many other data points provided by human reviewers using a logic-driven application,’ Michael Mills, CEO of Neota added. ‘The application applies hundreds of rules that automate the analyses that Allens’ lawyers and clients require to evaluate legal and other factors in the leases.’
Then, Waisberg noted, HighQ holds the analysis in accessible reports, ensuring that key information is available to clients 24/7.
Commenting on what it was like to work with two other tech companies and a law firm all at once, Waisberg said: ‘From my perspective, the collaboration was pretty smooth. Happily, all three products have APIs, and a focus on thinking about how our systems interact with other systems. I think the vendors and Allens feel that a ‘bricolage‘ (assembling a bunch of great parts together) method of solution development can be empowering to help clients be more competitive, retain better clients, and find new business opportunities.’
Artificial Lawyer has noted a growing interest in the market for this type of ‘bricolage’ or collaboration of different AI and non-AI applications to build a composite and more comprehensive product for law firms.
Does Waisberg think this approach will catch on?
‘We think so. So many systems are great in a limited area; through integration, customers can solve their unique problems. With the announcement two weeks ago of the Kira platform API, we are making a commitment to helping our clients build integrated, connected solutions that help them maintain key competitive advantages,’ he said.
‘We believe Legal AI will eventually become an integrated (and invisible) part of the working life of a lawyer, enabling them to work more efficiently and effectively in support of their clients,’ Waisberg added.
In conclusion, Waisberg said: ‘We love to see our customers succeed with Kira, and we’re especially excited when they find new and creative ways to leverage Kira’s machine-learning platform. Our focus has always been on empowering our customers to achieve their goals so we’re very happy to see Allens recognized for their innovative project.’
This was a view echoed by Andrew Shimek, President & Chief Operating Officer, Neota Logic, who added: ‘We share the commitment to helping our clients build integrated and connected solutions and this is such a great contextual example.’
If you would like to know a little more about how this product works, please check out the video here.
In other legal AI in Australia news, UK-based Luminance has just announced it has gained leading law firm Corrs as a client for due diligence doc review.
Interestingly, Corrs already has a joint venture with Canadian legal AI doc review company, Beagle.
Commenting on the deal with Luminance, Robert Regan, Corrs Sydney Partner-in-charge, said: ‘[The firm] is committed to providing our clients with solutions that improve efficiency, add value and enhance experience.’
‘Having already launched our own JV last year specialising in AI technology for contract review, we are delighted to be able to extend our AI offering to include due diligence processes by partnering with Luminance. Luminance’s premium technology complements our existing AI platforms perfectly, assisting us to deliver greater efficiencies and outcomes for our clients,’ he added.
3 Trackbacks / Pingbacks
Comments are closed.