US law firm Fenwick & West has taken the unusual step of making a public announcement about the positive impact its use of legal AI technology, in this case mainly Kira Systems, is having on the firm, stating that use of automated review technology has cut the time needed for such work ‘by half’.
It’s great to see a law firm coming out and making public how AI systems have benefited it and – almost certainly – its clients, at least if some of those efficiency savings have been passed on, which is surely the case, given that they are very openly telling their clients they can now work TWICE AS FAST…!
Given that it makes little sense to rephrase the law firm’s short missive, Artificial Lawyer will reproduce it here in full below. The firm also mentions the AI-powered legal research/case law pioneer, Casetext and its CARA tool.
Will law firms begin to do this type of ‘automation efficiency savings’ announcement now with the same enthusiasm that they send out information on their financials each year? That would be a great development.
Announcement by Fenwick
‘Fenwick is continually improving its use of legal technologies to deliver more value to its clients. As part of that initiative, the firm deployed Kira, a legal-industry AI platform, to help make its corporate M&A services even more efficient and effective. Fenwick now has data from its Kira deployment demonstrating the significant time and cost savings the program provides.
Contract Review: Greater Accuracy and Predictable Budgets, Lower Cost
Kira helps Fenwick complete contract review work faster and even more accurately. With Kira, high-level issue spotting can be done quickly at the outset of a deal, giving clients earlier visibility into potential diligence issues, facilitating Fenwick attorneys to perform a deeper analysis and shape the transaction terms as needed. Improved efficiency and flexibility translates into more predictable budgeting for clients and enables Fenwick to deliver greater value for cost-effective contract review.
A survey of Kira’s impact revealed that the tool enables Fenwick’s M&A licensing team to cut document review time by half on average.
Knowledge Management Enhancements
Fenwick has also brought Kira’s efficiency and flexibility to its internal processes. The firm’s research, knowledge and innovation teams are using Kira to conduct document review that supports many of Fenwick’s internal and external market survey publications.
Fenwick staff have trained Kira to search for specific provisions within a document, resulting in efficiency gains and greater output quality. Using Kira, Fenwick has saved hundreds of hours for lawyers and staff that were previously spent producing survey publications.
‘Kira is making a clear difference in the way we deliver services to our clients,’ said Fenwick technology transactions partner Ralph Pais. ‘Our decision to bring Kira on board, along with CARA – a litigation-focused AI tool – is part of our ongoing commitment to innovation and client service.’
More information about Fenwick’s use of AI programs, and the firm’s innovative approach to client service, which includes people, processes and technologies implemented to drive efficiencies and value, can be found by visiting our service innovation page.
[ So, there you go. After AL banging on for ages about the need for more transparency on the benefits of AI, a major law firm has gone and sent out a press release about just that. Good stuff. Who’s next? ]