This blog post is the fifth of a new series that focuses on keeping you updated on our latest product enhancements, features and innovations. Click here to read the fourth blog post.
You received glowing comments during your annual review for your work on the Brazil deal and the deal that came in on that Friday at 4:30 p.m. The reward? More deals, of course—and more complex ones, at that. This time, the target company is a large holding company with subsidiaries in Canada and Australia. The client is keen on reviewing as many of the target company’s contracts as possible, rather than encounter surprises after closing. There’s Kira for getting English language documents reviewed accurately and quickly, but hundreds of the agreements are either in Canadian French or governed by Australian law. What now?
Not to worry. Kira now comes with 16 new Canadian French smart fields, as well as 16 new smart fields for use on Australian real estate and property leases. Lawyers at a firm’s satellite office or local counsel can review documents governed by Québec law or Australian law directly within Kira. They can also apply their own worksheets (and worksheet templates—which we covered here) to the relevant documents, all within the same project. This facilitates tracking of review progress and collaboration on work being done across different offices.
What Are Smart Fields?
Utilizing Kira Systems’ patented machine learning technology, you can quickly extract concepts, data points, and answers for any number of use cases with high efficiency and accuracy, which is not possible with traditional rules-based systems.
At the core of Kira’s intelligence are our smart fields that utilize AI model relationships to automatically find where legal concepts appear in documents. These smart fields are trained by experienced lawyers and subject matter experts, and cover a variety of use cases, such as M&A, finance, bankruptcy, real estate, and more. Currently, Kira offers over 1,300 built-in ready-to-use smart fields. In addition, users may create their own custom-trained smart fields in any Latin-script language.
WHAT’S IN THIS RELEASE?
Canadian French M&A Due Diligence Smart Fields
As we continue to expand Kira’s capabilities to automatically identify and extract legal concepts in languages beyond English, we are pleased to now offer 16 Canadian French smart fields as part of our Built-in Intelligence. These smart fields have been trained to assist with M&A due diligence, for use on documents drafted in Canadian French and governed by Québec law, that are commonly reviewed during the diligence process, such as:
- Supply agreements (des ententes d’approvisionnement);
- Service agreements (des contrats de service);
- Distribution agreements (des contrats de distribution);
- Intellectual property agreements (des contrats de propriété intellectuelle);
- Employment agreements (des contrats de travail); and
- Purchase agreements (des contrats d’achat).
You can find the new Canadian French smart fields in the field group called “Fusions et Acquisitions (Québec)."
Australian Real Estate Smart Fields
In addition, we have also introduced 16 new smart fields for use on Australian real estate and property leases. As with our built-in North American and UK real estate smart fields, users will now enjoy quick access to lease terms for a single building or an entire portfolio, along with the ability to analyze and abstract Australian real estate contracts and property leases more efficiently.
You can find the new Australian smart fields in the field group called “Real Estate (Australia).”
Should you have any questions regarding our new language smart fields, please reach out to your Customer Success Manager, or email our 24/7 support team at at support@kirasystems.com, where they will be more than willing to help resolve any issues or provide guidance.