Now like never before, lawyers are under enormous pressure to help firms assess what Brexit could mean for their business. However, with less than 90 days to go before the United Kingdom’s departure from the European Union, a recent poll by ‘Big Four’ accounting firm, EY, revealed that just one in nine businesses are making preparations for a post-Brexit world. Technology can help ease the burden that businesses face when preparing for different aspects of life outside the EU. For example, using Luminance’s cutting-edge AI tool, lawyers are able to proactively identify and assess Brexit-related business risk and also ensure compliance with a changing legal landscape.
Brexit uncertainty and AI
Although uncertainty still exists about the form any Brexit trade deal might take (if indeed an agreement is reached at all), it is crucial that businesses have an in-depth understanding of how Brexit may impact their commercial contracts and what steps must be taken in order to mitigate potential risks on both existing and future contractual arrangements. For instance, organisations need to be aware of contractual obligations under EU rules and regulations and how this might differ from law in other jurisdictions. Further, the scope of applicable tariffs and new customs regulations may have a particularly serious effect on the operation of a contract or even lead to an undesirable outcome. On that basis, businesses may need to make preparations for seeking alternative suppliers and will need to see whether there are grounds for terminating or renegotiating an agreement through a force majeure provision or a break clause.
The painstaking process of manual review where lawyers are required to sift through huge volumes of documents to pinpoint potential risk is not practical given the time-sensitive nature of a pre-Brexit review- nor sustainable. Indeed, in today’s corporate world where large amounts of important data are distributed across the enterprise, it is near-impossible for lawyers to truly comprehend and analyse datasets in their entirety whilst undertaking reviews without the assistance of technology. Instead, using Luminance, lawyers are able to rapidly understand what is contained within thousands of documents within hours, resulting in huge time and cost savings.
‘Brexit ready’ with Luminance
Luminance is the only technology that combines both supervised and unsupervised machine learning algorithms to read and form an understanding of legal data without the need for intensive pre-training or configuration. This means that immediately after document upload, Luminance instantly surfaces to the lawyer key information such as clauses, contract type, parties, governing law and anomalies. By providing legal teams with an instant and unparalleled oversight of their documents, Luminance enables lawyers to identify areas which need further attention, resulting in a concise and efficient review process.
For example, CAS, an award-winning leader in Managed Legal Services, conducted a repapering review of a client’s contracts to locate any obligations and identify risks that may impact the organisation due to Brexit. With Luminance instantly surfacing crucial clauses and datapoints, CAS estimated that Luminance reduced their review time by over 75% compared to using solely manual methods. By offering synchronisation with Microsoft Word, lawyers can apply the insights provided by Luminance to remediate and edit contracts within Word, in one click from the Luminance platform. Lucy Dixon, Director at CAS commented that, “Luminance’s new-era product offers our clients exactly the kind of innovation they need.”
Keeping abreast of the latest Brexit developments with Luminance
Upon the UK’s departure from the European Union, the UK government will have the power to repeal or rework existing EU legislation. As a result, implementing a practical, flexible solution that is able to keep up with changing legal aims and requirements is business-critical.
Luminance’s award-winning AI tool is the only solution that is flexible enough to adapt to rapidly changing legal needs. For instance, Luminance’s powerful machine learning proved invaluable for Dentons Spain who recently used the tool to conduct a Covid-19-related force majeure review of a set of real estate agreements. By harnessing Luminance’s advanced document clause and compliance technology, Dentons were able to set a ‘model’ clause against which all other documents were compared. This enabled the team to immediately identify a crucial yet unexpected force majeure clause, shaving ten hours off their total review time. Similarly, with changes expected to employment law and data protection regulations in the aftermath of Brexit, Luminance can be used to ensure maximum compliance with new legislation.
Brexit: Ready or not?
Brexit represents an upheaval for many commercial relationships. Utilising the very best technology like Luminance can take a company from uncertainty to insight. With machine learning instantly surfacing crucial risk, lawyers can get straight to the matter at hand, leaving more time for Brexit planning and strategy. Further, in the face of new and changing legal rules and regulations, Luminance enables firms to stay compliant.
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