Leading with Innovation through Legal-Grade AI

As a critical support function to the wider business unit, the legal team understood the importance of creating efficient legal processes that supported business growth. The company recently announced that they are turning their attention towards AI, Bio, and Clean Tech (the ABCs) to drive their future growth strategy. By focusing on these innovative ventures, the company hopes to strengthen its capabilities and competitive edge in the wider market.

After an extensive search and trialing process, LG Chem chose Luminance, becoming the first Korean customer to implement the company’s flagship Corporate product.

Transforming Contracting Efficiency

Their goal for implementing AI was clear: decrease turnaround time for contract reviews while maintaining compliance and consistency across the team. The team first set their sights on transforming the review of standard contracts, such as NDAs. Luminance takes a first pass review of any incoming contract, automatically flagging areas of risk that require the team’s attention. By using Luminance across their contract reviews, LG Chem has reduced the time spent on reviews by over 30% per contract.

The team utilizes Ask Lumi, Luminance’s Legal-Grade chatbot, as a partner in the contract review process, turning to the AI to expedite internal communication by taking advantage of the clause-by-clause summary function, which is available in both English and Korean.

Enhancing Consistency and Centralizing Knowledge

With a deep understanding of how LG Chem’s preferred positions, Luminance allows any team member reviewing an NDA to automatically draw from previously agreed contracts, precedents and preferred ways of contracting to achieve the best possible outcome for the business.

Luminance can also draft or redraft clauses instantly, which can be inserted with a click. All of this takes place directly within Microsoft Word, meaning the team spends less time reviewing simple, repetitive contracts and more time on business-critical ventures.

Instant Summaries of Complex Contracts

For longer, more extensive contracts like Supply and Purchase Agreements, the team has turned to Ask Lumi, which allows any member of the legal team to receive responses to any question in any language, including Korean. A team member simply asks the chatbot for a summary of the entire contract, and Luminance delivers an executive outline of the key data, allowing them to focus on the most business-critical aspects of the contract faster.

Luminance helps us drive efficiency across the entire business, the team noted, underscoring the platform’s broad organizational impact.