Luminance has launched a new AI-powered platform, Luminance Corporate, which aims to transform the way in-house lawyers understand, manage and negotiate their contracts. The tool will also automate a range of tasks to streamline the contract lifecycle process, from contract mark-up to drafting, version control and contract renewal.
With in-house teams around the world grappling with growing numbers of contracts stored across multiple repositories and increased pressure to comply with complex regulation, Luminance’s new Corporate product will allow in-house counsel to save time and resource, streamline legal processes and gain greater insight into their contractual landscape. Instead of manually sifting through contracts in order to identify and collate key information, Luminance’s AI-powered technology will give in-house teams immediate insight into their contracts, highlighting key features such as clauses, parties and Governing Law.
In-house lawyers will be able to tap into Luminance’s machine learning for contract analysis from within Microsoft Word, all during the regular workflow of their review. For contracts under negotiation, Luminance has the ability to proactively search documents to see what changes have been made by counterparties, including those changes which may have been conducted without track changes being switched on in Word. When negotiating on a specific clause, Luminance will show lawyers precedent at the click of a button, highlighting areas where conceptually similar clauses have been previously signed off by their organisation. Further, Luminance can show how clauses have altered throughout the negotiation, with red and green-lining exposing how far the drafting has deviated from the original position. As well saving time, this feature will ensure that in-house lawyers have complete oversight over version control, whilst also providing key information about contracts that have been previously drafted and executed to ensure that future negotiations run as smoothly as possible.
Rosemary Martin, Group General Counsel & Company Secretary at Vodafone Group Plc., said: “Good technology can make a really positive difference in corporate legal departments. Being able to rapidly analyse contracts and display critical information means lawyers no longer have to waste time trawling through their contracts. Tools like Luminance that enable lawyers to quickly and easily see which areas of a contract need to be negotiated can speed up the time to contract – and faster contracting means faster revenue generation. We are at a point where businesses need to be thinking about how cutting-edge technology can benefit their organisations and powerful AI can help in-house legal teams.”
“Contract analysis is a fundamental process with business critical implications, however it has historically been time- and resource-intensive,” said Don Riddick, Chief Legal Officer at Featurespace. “Thanks to Luminance Corporate, that’s not the case for us. It expedites the review of legal documents and clarifies all of our contractual obligations, allowing us to continue outsmarting risk and pioneering the evolving enterprise financial crime landscape for our customers.”
Luminance’s CEO, Eleanor Weaver said: “Luminance is the only technology that can support lawyers across the full spectrum of document review needs. With a growing number of in-house legal teams already using Luminance, creating a tool that uses our next-generation technology to transform the creation and management of contracts was the natural next step. […] Luminance’s AI is allowing in-house teams to focus time and money where it matters, whilst also ensuring that nothing goes unnoticed.”
Luminance Corporate is the third product within Luminance’s AI-powered document review suite. The company’s technology is currently used by over 300 organisations in 55 countries and Luminance has received the Queens award etc and was recently selected as a ‘Future Fifty’ company by Tech Nation.
