07 November 2023 | Leading UK-headquartered AI company, Luminance, today 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.

Founded in 2016, Luminance uses 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, acting as a trusted co-pilot for over 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 legal professionals up to focus on higher-value tasks and enable businesses across all sectors to redirect legal resource to where it is needed most.

“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% of their time reviewing and negotiating routine documents,” commented Jaeger Glucina, Chief of Staff and MD at Luminance. “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.”

Connagh McCormick, General Counsel of proSapient, said: “This latest development by Luminance is ground-breaking for the legal industry. It will speed up the negotiation process, accelerate time to signature and ultimately boost business-wide efficiency. Crucially, it will give GCs and legal teams time back in their day to spend on more complex and creative work that utilises humans’ knowledge and experience. The possibilities of this technology are endless.”

ENDS

About Luminance

Built on a proprietary legal Large Language Model (LLM), Luminance’s specialised legal co-pilot uses next-generation AI to automate the generation, negotiation and analysis of contracts. Developed by world-leading AI experts, validated by leading lawyers, and in use by over 500 customers in 60 countries, Luminance’s ‘legal-grade’ AI is a key component of any legal team.