A recent study by IBM found that an astonishing 90% of the world’s data was created in the last two years alone. Indeed, the amount of corporate information is only continuing to grow. Faced with growing resource constraints and tightening deadlines, lawyers are becoming crippled by the pressure to review enormous datasets. Luminance’s latest video case study with the top-tier law firm, Bird & Bird, shows how legal AI is redefining the scope of what law firms and organisations can achieve. From gaining an in-depth and instant insight into legal documents, to strengthening client-lawyer relationships, to boosting overall productivity, the value legal AI brings to organisations is unprecedented.
Bird & Bird: the value of Luminance
In this particular case, Bird & Bird’s employment team were faced with the task of reviewing contracts relating to almost 20,000 employees, totalling close to 200,000 documents, all within an extremely tight timeline. It was fundamental for the team to review the dataset in its entirety. However, through manual review, in the three weeks allocated, eight associates were only able to review 10% of the document set relating to just 1,900 employees. Jeopardising the review with legacy technologies, which require intensive pre-training and are limited to answering pre-set queries and questions, was not an option for the team.
Luminance’s pioneering machine learning technology was able to immediately read and understand Bird & Bird’s enormous legal dataset, instantly surfacing critical information to the team in the form of hidden risks or ‘anomalies’. By adopting a pattern-recognition approach, Luminance’s core intelligence engine ‘LITE’ (Legal Inference Transformation Engine) was able to work seamlessly with both the English and German documents, becoming increasingly more efficient as the advisors interacted with the documents. As a result, two associates were able to review all of the 200,000 documents in just three weeks.
Whilst the results of this case speak for themselves, it is important to think what the multiplier effect caused by legal technology could mean for law firms and organisations. Fundamental to this, is that lawyers are no longer slowed down by routine, resource-heavy tasks, but instead can focus their time on more meaningful analysis. Bird & Bird’s legal team estimated that, in the same time it would have taken to review the whole project manually, they could have completed 50 projects using Luminance.
By adopting legal technology, advisors have the opportunity to take on more cases, more clients, and overall increase their productivity and returns, regardless of the size of their law firm or organisation. Certainly, the equalising effect of legal technology brings new opportunities for smaller, challenger firms who are seeking to innovate their legal services with AI tools. Thomson Reuters recently reported that investment in legal AI solutions has more than doubled in the past year, and you can see why.
Be the best advisor for your client
Leveraging AI is powerful for both attracting new clients and building stronger relationships with existing ones. In fact, Bain and Company estimate that firms which provide consistently good customer experience grow revenues between 4-8% above their market. Therefore, harnessing a tool which will allow lawyers to provide more valuable legal advice with increased speed and confidence, is a no brainer for gaining client and business growth.
Legal AI and new possibilities
For the first time ever, advisors are empowered to work 100% faster on day one of their review. This brings new opportunities and new possibilities for legal advisors - firms must adopt, or risk being left behind.
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