The Year of Kira: Leading the Charge in Contract Review and Analysis
The past year has been nothing short of transformative for Kira, solidifying its place as the go-to solution for contract review and analysis in transactional legal work. From the launch of groundbreaking features to being recognized as a market leader, Kira continues to dominate the legal technology landscape. Here’s a look at the key milestones that have contributed to keeping Kira a powerhouse in contract analytics.
- August 2023 – Launch of Kira Smart Summaries
In August 2023, Kira revolutionized the way legal teams handle contracts with the introduction of Smart Summaries. Leveraging generative AI (GenAI), Kira’s Smart Summaries feature produces easy-to-read AI-generated summaries of Kira smart field extractions. This enables legal teams to start from a first draft when completing their diligence summaries, helping them analyze content in contracts and other documents more quickly. It not only boosts the accuracy and speed of contract reviews, but also empowers legal teams to deliver strategic advice to clients faster than ever before.
"We are incredibly excited about our continued partnership with Litera and the integration of Kira Smart Summaries with an OpenAI model. This innovative solution allows us to better serve our clients by expanding our robust, cost-effective contract review process while maintaining enhanced data security." --Bill Garcia, Chief Practice Innovation Officer, Thompson Hine
In October 2023, Kira received significant recognition from Hyperion Research’s Contract Lifecycle Management (CLM) MarketView™ Report. As an Advanced Solution, Kira was lauded for its contract analytics, implementation efficiency, and customer support. Under the VendorView™ Special Recognitions category, Kira was named a "Market Leader" in pre-trained models, thanks to its 1,400+ out-of-the-box smart fields that capture clauses and data points across 40+ substantive areas. This vast library of models allows firms to meet contract review needs instantly.
Kira was also praised for its "Highly Innovative" graphic display of extractions, which provides users with a tabular view of smart fields across multiple contracts. This feature simplifies the process of analyzing large volumes of contracts, ensuring legal professionals can extract and review key information faster and more accurately.
- January 2024 – Multi-Document Smart Summaries and Enhancements
As the new year rolled in, Kira introduced the Multi-Document Smart Summaries feature, providing legal teams the ability to run Smart Summaries and generate multiple clause summarizations across multiple documents simultaneously. With just a click, users could quickly obtain key insights from many contracts at once, significantly cutting down the time required to produce diligence reports.
Additional improvements included:
- Progress tracking for Smart Summaries in the Processing State column
- A notification system to alert users if selected documents lacked extractions
In July 2024, Legaltech Hub released a competitive analysis that crowned Kira the leader in due diligence contract review. The report specifically highlighted Kira’s unrivaled ability to deliver meticulous accuracy and speed in the legal due diligence process, as well as Kira’s comprehensive feature set, maturity and market penetration, security, and stability. Boasting over a decade of innovation and processing more than 250,000 documents per month, Kira remains a proven leader in the legal technology market, with 64% of the Am Law 100 and 84% of the top 25 M&A firms globally trusting Kira to support their reviews of contracts for M&A due diligence, real estate, banking and finance, intellectual property, and employment. The Legaltech Hub competitive analysis reaffirms Kira’s dominance in high-stakes contract review where accuracy, security, and reliability are essential.
- August 2024 – Rapid Clause Analysis
Kira capped off its remarkable year with the launch of Rapid Clause Analysis in August 2024. This new feature, which is integrated with Smart Summaries, allows legal teams to instantly identify identically drafted clauses across multiple documents with unprecedented speed and precision. By automating clause comparisons, Kira helps legal professionals quickly identify unique clauses that may present risks or opportunities across contracts, and to compare, view, and organize clauses by the way they are drafted. This ensures that clients receive faster, more consistent legal guidance.
With Rapid Clause Analysis, legal teams can now devote more time to complex legal tasks, while still delivering accurate and transparent cost and time projections to clients. It’s yet another way Kira is driving lawyer productivity and improving outcomes for legal teams.
Looking Ahead: Kira’s Vision for the Future
As Kira continues to innovate and adapt to the constantly evolving legal landscape, the future looks even brighter. With lawyer-trained AI, comprehensive collaboration features, and user-centric design at the core of its advancements, Kira is an indispensable asset in contract review and analysis, providing law firms and corporate legal teams with the tools they need to stay ahead of the curve. As we look back on the past year, it's clear: Kira isn’t just navigating the changes in legal tech—it’s leading them.
“We realized very quickly not just the cost savings we could pass on to the client leveraging a due diligence tool like this, but also training for young lawyers in the accuracy of doing a due diligence exercise. Kira enables our lawyers to become faster and more accurate doing the due diligence.” Glenn LaForce, Chief Knowledge & Innovation Officer, Holland & Knight
Ready to witness the power of Kira firsthand? Schedule a demo with one of our experts today.
