Luminance unveils world first AI landmark for contract negotiation
Cambridge AI company Luminance has revealed a glimpse into the future of contract negotiation.
In a live demonstration, Luminance’s cutting-edge technology has become the first AI in the world to completely automate the negotiation of a contract, without human intervention, between two opposing parties.
Since 2016, Luminance has used a unique legal Large Language Model (LLM) to augment the work of lawyers. Informed by over 150 million documents, its exposure to vast volumes of legal documentation, combined with its core proprietary AI and deep domain knowledge of the legal industry, makes it the most advanced legal LLM today, the company says The technology acts as a trusted co-pilot for more than 500 customers worldwide. This latest development takes the technology one step further.
Luminance Autopilot empowers Luminance’s award-winning AI to handle the day-to-day negotiations of routine contracts such as Non-Disclosure Agreements.
The AI can read a contract, remediate areas of risk and respond to any changes made by the counterparty’s AI. All of this is done automatically, with the AIs utilising knowledge from their respective business’s previous agreements and preferred positions. This will free up legal professionals to focus on higher-value tasks and enable businesses across all sectors to redirect legal resource to where it is needed most.
Jaeger Glucina, Chief of Staff and MD at Luminance, says: “Contracts form the heart of any business. They define the relationships that a company has with its employees, suppliers and customers.
“Yet, every day, we speak to legal teams who are spending around 80 per cent of their time reviewing and negotiating routine documents. Luminance Autopilot represents a new, more efficient chapter in the future of legal work and one that could change the game forever.
“By putting the day-to-day negotiations in the hands of an AI that is legally trained and understands your business, we’re freeing lawyers up to focus their creativity where it counts.”