All too often, headlines about AI are dominated by fear mongering narratives like “Here’s How AI Will Come for Your Job”, or “Will AI Take Over The World?” It was therefore somewhat of a relief to see a recent piece in The Times by Geoffrey Vos, Master of the Rolls in England and Wales, noting the importance of AI. Commenting on AI’s role in the legal sector, Vos stated: “The technology is just another valuable tool that will help the legal sector to improve the service it provides.” Naturally, I couldn’t agree more.

So, as someone working at the forefront of AI in this sector, I thought I would shed some light on three key ways Luminance is providing cost and time savings for legal teams across industries.

1. Increasing Efficiency

In a world of tighter budgets, leaner teams and business-wide pressure to increase productivity, legal teams around the world are adopting AI to do more with less.

For example, Colombia’s largest airline, Avianca, estimated that a full manual review of the organisation’s 10,000+ contracts would have taken an entire month for the team to complete. Using Luminance’s AI, the team conducted the review in just three hours, achieving time-savings of a staggering 90% whilst overcoming the challenges posed by the pandemic and government enforced restrictions.

2. Automating Labour-Intensive Processes

Too often, legal teams are bogged down in administrative or standardised tasks that are ripe for automation, leaving less time for delivering strategic, creative work that generates value for the wider business.

A customer of ours, Hitachi Vantara, is using Luminance’s contract generation functionality to automatically generate highly repetitive, standardised contracts like NDAs, confident in the knowledge that they comply with internal standards. Jeannine Moran, Director of Legal and Compliance – Operations & Technology at Hitachi Vantara, noted “In 5 minutes, we can literally now get a signed NDA from start to finish.”

3. Empowering Non-Legal Functions

Legal bottlenecks can impede commercial processes and slow down business. But with AI, these processes can be streamlined.

One of America’s largest companies, Koch Industries, is using Luminance’s AI to enable non-legal employees to independently draft contracts, speed up the commercial process and reduce their reliance on the legal department. Furthermore, Koch Industries is using Luminance’s powerful workflow tools allow employees to communicate directly with the legal department via a simple ticketing system, enabling sales and procurement teams to clarify internal legal standards or ask questions.

Now, legal is freed up for more value-add tasks, while non-legal teams are empowered to generate compliant contracts and accelerate time to revenue.

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