Here’s some interesting news from the world of legal innovation. Deloitte is formally teaming up with Toronto-based Kira Systems, which has developed contract analysis tools that rely on artificial intelligence to help professionals – lawyers and accountants mainly – sort through heaps of documents
Deloitte has been testing Kira’s platform on certain projects, sometimes involving analysis of tens of thousands of documents.
Craig Muraskin, managing director of Deloitte's U.S. Innovation group had this to say about the alliance: "By teaming with Kira Systems, we can help organizations reduce their review time while redeploying talent to higher value activities – let's save our eyes for more strategic matters.”
According to Kira’s CEO Noah Waisberg, Deloitte now has over 3,000 active users of its platform. “It’s definitely larger than any of our individual law firm customers to date,” says Waisberg.
Deployments of AI are expected to drive significant investments by professional services firms in the years ahead. A report last year from Tractica claimed that the market for enterprise AI systems will increase from US$202.5 million in 2015 to US$11.1 billion by 2024.
According to Waisberg, sophisticated professional services firms are now willing to pour significant resources into AI with a view to improving efficiency in their practices and to growing market share. It also allows them to take on projects “and even offer new services and products that would otherwise be economically impractical.”
The scale of the collaboration between Kira and Deloitte is illustrative of that willingness, says Waisberg.
Why announce the alliance now, after a year of collaboration? “The impetus for the announcement,” says Waisberg, “is an alliance where we'll be working with Deloitte to bring the AI software to corporate clients at an even larger scale.”
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