2020 World Economic Forum and Luminance’s role as a ‘Tech Pioneer’ 25 January 2020 | Emily Foges
The 50th World Economic Forum (WEF) took place this week, bringing together 3,000 of the world’s biggest leaders, business figures and academics to discuss critical global issues. From tackling climate change to navigating a fast-moving technological landscape, the aim of the WEF is to “improve the state of the world”. Following on from Luminance’s recent selection as a WEF ‘Technology Pioneer’, it is important to reflect on Luminance’s role in shaping and innovating the legal sector with its transformational technology.
It would be a hard push to find an industry which hasn’t been touched by disruptive technology in some way and the legal sector is no exception. This is particularly pertinent as we increasingly find ourselves in what the WEF refers to as the ‘Fourth Industrial Revolution’, whereby technologies are driving fundamental change in the way we live our lives.
Indeed, supercharging lawyers in their review is at the heart of Luminance’s cutting-edge machine learning platform. Luminance’s core machinery, ‘LITE’ (Legal Inference Transformation Engine), is able to immediately read and analyse legal contracts at speeds and in volumes that far surpass human capacity. The document set is then organised and displayed intuitively on Luminance’s easy-to-use and easy-to-read interface, providing the lawyer with an all-encompassing insight into the dataset at hand. As the lawyer continues to interact with the platform, Luminance’s unique machine learning capabilities provide additional insights, becoming increasingly tailored to their interests and needs.
By operating as a seamless extension of the lawyer’s review, Luminance has quickly established itself as the only AI-powered legal tool on the market which works alongside the lawyer. It is the lawyer driving the process and making the all-important decisions - not the machine. Leveraging Luminance redefines the scope of what lawyers can achieve in their review, allowing them to understand a huge dataset at a glance and unearth critical findings, all with the confidence that no stone has been left unturned.
Shaping the future
As a tech pioneer, Luminance’s ground-breaking technology is shaping the future of the legal services. The new dawn of machine learning brings significant opportunities for both law firms and their clients. By accelerating the review process, Luminance empowers lawyers to focus their valuable time on negotiation and advice, rather than the endless review of near-identical documents.
This means that the value in legal advice will once again be driven by the insight and expertise of the trusted advisor, rather than the time it takes to review a pile of contracts. This more nuanced, outcome-based approach to legal services promotes greater transparency for both clients and lawyers alike. As a result, clients are not only expecting organisations to be implementing technology - but they are demanding it too.
In 2020, the WEF recognises that we are in the midst of a technological transformation. In order to continue to drive growth and innovation in the legal profession, embracing technology is critical.
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