How AI empowers lawyers to be at the top of their game 10 January 2020 | Luminance
Whether you are starting out as a junior lawyer, an associate at a leading firm, or a General Counsel with years of experience under your belt, staying ahead of the game is crucial not only for your organisation, but also for your career. With the recent explosion in enterprise data and an ever-changing and unpredictable legal climate, climbing the ranks has never been so gruelling for our trusted advisors. Hungry for success but also overwhelmed with the pressure to review huge swathes of complex legal data, legal AI provides a real solution for advisors who want to provide efficient, quick and impactful legal advice, supercharging their abilities in the process.
Being swamped by high volumes of legal documentation has previously been viewed as part and parcel of the job. Yet with IBM estimating that 90% of the world’s data has been created in the last two years alone, manually reviewing a legal dataset in its entirety is simply impossible.
For trainee lawyers, this has often led to a huge amount of repetitive work that can be both monotonous and overwhelming. Not only are organisations in jeopardy of losing the best and brightest talent, assigning bottom of the pile tasks to junior lawyers and paralegals can really hinder the creative thinking that is critical for getting to the top.
Nonetheless, constantly trying to stay afloat amidst a fast-moving legal landscape with increased market competition is exhausting even for the most experienced lawyers. Using Luminance, advisors are empowered to get to the crux of the case with more insight and efficiency than ever before.
Legal AI: transforming legal processes
By providing advisors with an all-encompassing insight into documents, adopting Luminance goes some of the way in taking the pressure off our trusted advisors. This is because Luminance’s core intelligence, ‘LITE’ (Legal Inference Transformation Engine) is able to immediately read and understand legal datasets in any language and pertaining to any jurisdiction, at speeds and in volumes never previously thought possible. Proven to accelerate document review by 100% from day one, Luminance allows advisors to cut through the drudge work and focus on higher-value work. This enables advisors to reach their true potential because they are no longer judged by the time it takes to review huge quantities of documents, but rather by their capacity to deliver high-value and effective advice.
This becomes all the more important after recent figures from the JLD (Junior Lawyers Division of the Law Society of England and Wales) found a staggering 93% of junior lawyers feel stressed in their role. Leveraging legal AI allows lawyers to regain their confidence and increase motivation, in turn providing the grounds to excel.
Underpinning this, is Luminance’s ability to allow lawyers deliver the best possible results for their clients. Most recently, an international Global Top 100 law firm deployed Luminance to conduct a due diligence where two partners were allocated just 165 hours to complete the review. On day one, Luminance identified that only 40% of the documents contained automatic renewal clauses, meaning the business could lose more than half of its customer base in less than a year. The deal was called off and the advisors working on the case were instilled with the utmost confidence that nothing had been missed in their review. Without Luminance’s flexible machine learning algorithms together with the advisors legal insight, this crucial finding would not have been possible.
Better than ever
Embracing legal technology has never been so important for lawyers, organisations, and of course, clients. By operating as a seamless extension of a lawyers’ review, Luminance optimises the experience and expertise valued so highly by clients. Adopting technology not only accelerates the review process but redefines the scope of what advisors can achieve in their legal career.
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