This week, Luminance is excited to be attending the 2022 Corporate Legal Operations Consortium (CLOC) Global Institute in Las Vegas.
Organised by a global community of experts focused on redefining the practice and business of law, CLOC’s annual flagship event will see 2,500 legal professionals come together for an exploration of the technology that will drive legal processes into the next decade and beyond. Luminance will be at Booth #605 in the Tower Ballroom throughout the week, showcasing its AI-powered legal process automation software. Please get in touch [email protected] if you would like to book a meeting or demo in advance – otherwise, we hope to see you there!
Receive a Live Demo: AI to Automate Legal Processes
Against a backdrop of exploding data volumes, global regulation and efficiency pressures, those attending the CLOC Global Institute can see first-hand how AI can automate the review, negotiation and workflow of live contracts. With Luminance enhancing and expediting the entire contract lifecycle process, in-house legal teams can better focus their time on the higher value work that allows them to drive business growth, maintain compliance and gain a competitive advantage in negotiations.
CLOC attendees who visit Booth #605 can expect to see the power of Luminance’s AI in action; the first AI in the world capable of taking a first pass review of any incoming contract out-of-the-box. Luminance’s revolutionary colour-coded Traffic Light Analysis gives a visual representation of the state of negotiation, instantly highlighting which clauses within a contract are acceptable (green), in need of review (amber) or non-compliant (red) based on the organisation’s internal standards. Luminance’s Traffic Light Analysis therefore allows legal professionals to understand within seconds where to focus resource, reducing reliance on the outdated practice of manually redlining contracts as well as spend on costly external counsel. Importantly, all this insight is accessed via an easily-installed plugin, allowing legal professionals to open their contracts from anywhere, whether that be Outlook, any document repository or the Luminance platform itself, and bring the power of AI to their regular workflow!
Matthew Forsyth, VP and Deputy General Counsel at world-leading biotechnology company, IDEXX Laboratories, recently described how Luminance has transformed the company’s negotiations of Non-Disclosure Agreements: “We have contracts around the globe handled by different members of our legal team and giving them the ability to understand in real-time – within 30 seconds – and to identify any issues within incoming contracts is key. With Luminance, we are putting data in the hands of the attorneys who need to make decisions quickly, informed of previous decision-making elsewhere in the business.”
Furthermore, where terms may differ from previously agreed wording, Luminance’s AI will suggest alternative, acceptable wording suggestions from previously agreed contracts. With just one click, users can insert previously agreed wording into new contracts under negotiation.
Now Is the Time for Innovation with AI
Corporate legal departments everywhere have seen enormous upheaval over the past few years in terms of regulation, policy shifts and pivotal events ranging from Brexit to the global pandemic and recent economic sanctions. In such an unpredictable world, AI can help organisations to cope with the sheer volume and complexity of regulation, providing a deeper understanding of contractual landscapes and freeing teams up to deal with the commercial and legal challenges posed by changes across the legal and business environment.
Indeed, AI is now a necessary extension of in-house legal departments. With huge demand for AI-driven legal process automation, Luminance has seen a 75% increase in its corporate customer base in 2022 alone, with customers including UK supermarket, Tesco, global confectionary company, Ferrero, and Colombia’s flagbearer airline, Avianca. Now used by legal professionals from across the spectrum of law and all different verticals, Luminance will provide CLOC attendees with a novel perspective on innovation in legal operations.
Interested in learning more about Luminance’s world-leading AI and growing customer base? Come and visit us at Booth #605 or email [email protected] to schedule a product demonstration or coffee with a representative from Luminance.
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