Contract technology is one of the rapidly developing segments of the legal technology industry. In conjunction with the release of Kira Systems’ new Answers & Insights capability, we thought it was a good time to take a look at how quickly the various tools used by lawyers and other contract professionals have changed in a few short years, and to give some perspective on the future of AI in contract technology.
David Curle, Legal Content & Research Lead, and Steve Obenski, Chief Strategy Officer, wrote this e-book to share insights on:
- The earliest use of word processing in contract drafting, through the development of more specialized tools such as virtual deal rooms and document management systems.
- The beginnings of Legal AI techniques in the eDiscovery field in litigation; the transfer of some of those methods to contract review workflows, particularly in M&A due diligence; and eventually through breakthroughs in the ability of lawyers and other users to create their own custom language models without machine learning expertise. That’s what we call “scaleable AI.”
- The evolution of AI-powered contract analysis software from task automation to amplification of legal skills, with the full integration of legal domain expertise. The ability of users to leverage the Kira platform to build their own custom feeds with a tool called Quick Study represented a breakthrough, with AI augmenting and amplifying, not replacing, human expertise.
- In the most recent phase, a shift has occurred. Beyond just automating contract processes, the next generation of contract analysis technology (including Kira’s Answers & Insights) is being used to extract and leverage “contract intelligence” - the critical business information embedded in contracts that has value to many business functions beyond legal. This is the next frontier of AI-driven contract technology.
Learn more about this evolution in our e-book, “AI-Driven Contract Analysis in Perspective and in Practice”.