Great Britain is due to leave the European Union next month. Whatever your opinion is on the current Brexit negotiations, it is clear that deal or no deal, Brexit or no Brexit, forward-looking thinking and preparation is needed for businesses and law firms alike. Indeed the legal ramifications facing the UK, should Brexit go ahead, are unprecedented.
Last week, KPMG announced that a no-deal Brexit could spiral the UK into a recession and see the British economy shrink by 1.5% in 2020. If Britain does experience an economic downturn like KPMG are suggesting, disruption to legal services is certain.
In addition to market and economic volatility, it is also hotly anticipated that Britain’s exit from the EU will lead to a significant overhaul of laws and regulations in various legal sectors. For instance, IP and employment law, which is by and large based on EU legal precedent, is predicted to be severely impacted by Britain’s exit.
Lawyers are constantly under pressure to deliver in a fast-moving and complex market. Yet being ‘Brexit ready’ adds a new dimension to these existing challenges. Legal teams must continue to perform valuable, cost-effective services that are also adaptive to legal and market change.
In contrast to the precarity of our country’s political climate, Luminance provides a flexible and long-term solution that helps mitigate the expected upheaval in the upcoming weeks, months, and (potentially) years. Providing clients and businesses with the utmost protection is critical for legal teams. Using machine learning, lawyers can identify any obligations or risks within particular clauses that may impact or affect their client due to Brexit. By flagging these risks, advisors are able to quickly understand what the implications are and re-paper those contracts which don’t provide their clients with adequate protection if the law changes.
The advantages of using Legal AI
Luminance has already proven itself in this exercise. Last year, the legal service provider CAS deployed the technology when conducting a Brexit compliance review. Within three hours, 70% of standard clauses were identified within the document set, meaning the legal team were 400% faster than if they had conducted the review manually.
Clearly, time is of the essence with Brexit, and our technology’s ability to adapt to evolving laws and regulations within strict deadlines can accelerate advisors’ ability to negotiate legal challenges. By learning from the interaction with humans, Luminance supercharges legal teams conducting large-scale review of documentation so that advisors can make informed and effective decisions.
Brexit does not have to be chaotic. Luminance empowers lawyers to advise on the implications of legal and market changes in real time, as clarity emerges. Lawyers can rest assured that their valuable expertise together with legal technology can make Brexit prep a reality.
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