The digital transformation of the legal industry is well and truly underway, with firms now adopting advanced technology across their entire legal practice, from M&A due diligence to eDiscovery. But when looking at the ways to integrate technology, how do lawyers cut through the noise? A list compiled by Stanford University featured nearly 1,250 legal technology companies, while a start-up map created by Legal Geek includes more than 250 from across Europe alone.
Artificial Intelligence: is it becoming a buzzword?
It seems as if Artificial Intelligence or ‘AI’ is fast becoming a buzzword in the tech world, with legal tech being no exception. But, as tech entrepreneur Dr. Mike Lynch, speaking at a recent Luminance webinar, points out: “AI is now a marketing term- and just because a company has written about AI doesn’t mean they actually use AI.”
So, how can you understand if a tool is really using AI?
Most technologies aren’t using AI at all, but a complex system of rules – essentially, a pre-built playbook. These systems require intensive machine training and configuration before they can even be used, costing firms both financially and in time, a nightmare given the pace of recent legal and regulatory change such as new data privacy rules or post-Brexit legislation. Moreover, the inherent inflexibility of these systems means that the machine can only provide answers informed by this very ‘pre-training’. In other words, the system is only searching for things that the programmers or consultants thought it should search for- for instance, if a US company was looking to acquire a UK company and the system was not able to identify governing laws and foreign languages, the US company may not be aware that a significant proportion of the UK company’s business resided in China- a piece of information that may be a deal-breaker for the firm.
With true AI, lawyers do not need to spend unnecessary time and resource training or reconfiguring a machine. Luminance uses a unique blend of supervised and unsupervised machine learning. This means that immediately after document upload, Luminance is able to instantly identify key clauses, anomalies and datapoints, becoming increasingly sophisticated with continuing use. As a result, using Luminance, most users are experiencing time savings of at least 50% on the first day of a review.
This flexible approach also allows Luminance to work in any language, including Japanese, Korean, Chinese and Hebrew. Luminance can be used on any dataset of any size, no matter how complex. In fact, Luminance is now used across over 30 use cases- a true revolution in an industry that is dominated by technologies which are only able to solve very specific problems. One of Luminance's customers, Dentons, has used the technology for M&A due diligence, real estate reviews and even regulatory compliance work.
The power of true AI
Another factor that makes Luminance stand out from the competition is its unique ability to conceptually understand documentation. Indeed, with many legacy technologies, it is only possible to search for exact words or phrases. Luminance’s conceptual search function is able to highlight to the user similarly-worded ideas or phrases, ensuring that nothing goes unnoticed in the review.
This granular understanding of documentation allows lawyers to rapidly detect outliers within their dataset. Using Luminance’s Automatic Document and Clause Compliance technology, users are able to select a model document or clause, and Luminance is then able to analyse the entire dataset, redlining or greenlining where the documents and clauses comply and deviate from the standard.
Luminance also recently introduced a pioneering redaction feature. This is particularly crucial in the context of growing data privacy legislation such as the GDPR and the CCPA, with the technology working out-of-the-box to identify Personally Identifiable Information (PII) such as party names, addresses and security codes. All of this can then be automatically removed with Luminance’s powerful ‘bulk redaction’ tool- leading Portuguese firm, VdA, achieved an impressive 50% time saving compared to manual methods using this feature.
The best way to understand a technology? Try before you buy
Whilst many companies can offer a slick demo in controlled settings, real AI should work ‘in the wild’. That’s why Luminance offers a two-week free trial for all prospective customers, seeing the power of AI on their own documents. Whilst the platform is incredibly easy-to-use, we offer a 24/7 support service and a team of Product Specialists to oversee the trial to ensure that you can derive the maximum benefits of the technology.
Luminance: a true market leader
Effective use of AI technology allows lawyers to achieve efficiencies, adapt to evolving business demands, manage risks and ensure that they make the best decisions for their client and organisation. Nonetheless, the legaltech market is increasingly crowded and clouded by hype. Luminance is breaking the trend with a truly innovative and pioneering AI solution, allowing lawyers to work on any dataset, of any size, in any language and see true value from the first day of deployment.
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