Addleshaw Goddard, a global law firm with 17 offices worldwide, announced that Kira, the AI-driven document analysis software that is now part of Litera's Workflow product family, was used in a multi-platform solution to review over 4,000 loan documents and consequently, amend and update over 2,500 loans for its client, Virgin Money, in anticipation of the phase-out of LIBOR.
"When we were first tasked with coming up with a solution for this project, we knew Kira would be an essential component in our overall approach. The ability to quickly identify Base Rate wording within a large number of documents was crucial to the delivery of the project. Being able to upload all of the documents and group them based on particular wording enabled us to run the project efficiently from the start. Integrating Kira with HighQ, Bryter and DocuSign meant we were able to present project information to the review team and then ultimately to inform the client," said Emma Pitcher and Laura Cox, Senior Legal Technologists at Addleshaw Goddard.
Kira was one of four platforms selected as part of Addleshaw Goddard's highly innovative automated solution. In addition to Kira's application programming interface (API), the solution utilized a combination of over 45 of Kira's built-in and no-code Quick Study smart fields and workflow functions, including assigning documents for review, document tagging, and bulk document comparison. Addleshaw Goddard's unique solution integrated with Virgin Money's pre-existing systems, greatly facilitating the conduct of enhanced due diligence on several hundred of the most complex loan agreements. From the output of the due diligence, the system also enabled the automatic selection of an amendment letter template and populated it with the individual customer information. Amendment letters were automatically distributed to customers for approval and electronic signature.
"Addleshaw Goddard's use of Kira as part of an integrated solution epitomizes its guiding principle of finding the smartest way to deliver the biggest impact for its clients," said Joey Benedek, Senior Vice President of Product Management at Litera. "Kira is designed to support our customers' constantly evolving technical and business needs, and the API additionally enables them to build out creative workflows that integrate with pre-existing systems, just as Addleshaw Goddard did. We are really pleased that Kira was selected for and contributed to the success of this integrated solution, and we look forward to further supporting Addleshaw Goddard in its delivery of efficient and strategic legal services."
Addleshaw Goddard's collaborative, modern, and award-winning approach to problem-solving has already helped over 2,500 companies. The firm combines expert lawyers, technology, resources, and consultancy expertise to bring more efficiency, maximum return on investment, and impact for its clients. To learn more about the firm, click here.
Kira is a patented machine learning software solution that identifies, extracts, and analyzes content in contracts and other documents, helping the world's largest corporations and professional service firms uncover relevant information from their contracts and related documents. Along with features to facilitate workflows, Kira's API allows the flexibility to embed Kira into any existing frameworks with the capability to build new solutions.
About Addleshaw Goddard
Each year, over 3,000 leading companies and finance players around the world trust Addleshaw Goddard to find the smartest way to deliver the biggest impact. They help their clients in multiple industries and in over 90 countries. Not just once, but again and again. Many of the firm's 47 FTSE100 clients have been with them for more than 20 years: one for 150.
Addleshaw Goddard traces its roots back to the very first public record of solicitors in the UK – the Law List – published in 1775. It has grown globally through amalgamation ever since, developing in line with a changing world. The firm has, among other things, led the legal negotiations for VW and Ford on one of the largest strategic alliances in the world; helped devise a new way for a manufacturing client to power its new factory, at a cost that was 90% less expensive than the next best option, ultimately saving them £100 million; combined legal expertise and AI to complete a lease review of a retailer's 189-site property portfolio with time and cost savings of 70% and 75%, respectively; and interrogated data in block-chain to resolve a cyber-currency dispute and recover millions of bitcoin for a tech start-up client.
Litera has been at the forefront of legal technology for 25+ years. As a global leader in workflow, AI-powered due diligence review and analysis, collaboration, and data management solutions, Litera provides legal teams with streamlined technology for creating, analyzing, and managing their documents, deals, cases, and data. Litera's solutions help law firms and corporate legal teams worldwide work more efficiently, accurately, and competitively to provide their clients with usable and actionable information. For more information about Litera, visit litera.com or follow the company on LinkedIn.