27 May 2021 - Luminance has launched a brand new AI-powered platform, Luminance Corporate, which aims to transform the way in-house lawyers understand, manage and negotiate their contracts. The tool will also automate a range of tasks to streamline the contract lifecycle process, from contract mark-up to drafting, version control and contract renewal.
With in-house teams around the world grappling with growing numbers of contracts stored across multiple repositories and increased pressure to comply with complex regulation, Luminance’s new Corporate product will allow in-house counsel to save time and resource, streamline legal processes and gain greater insight into their contractual landscape. Instead of manually sifting through contracts in order to identify and collate key information, Luminance’s AI-powered technology will give in-house teams immediate insight into their contracts, highlighting key features such as clauses, parties and Governing Law.
Crucially, for the first time ever, in-house lawyers will be able to tap into Luminance’s powerful machine learning for contract analysis from within Microsoft Word, all during the regular workflow of their review. For contracts under negotiation, Luminance has the ability to proactively search documents to see what changes have been made by counterparties, including those changes which may have been conducted without track changes being switched on in Word. When negotiating on a specific clause, Luminance will show lawyers precedent at the click of a button, highlighting areas where conceptually similar clauses have been previously signed off by their organisation. Further, Luminance can show how clauses have altered throughout the negotiation, with red and green-lining exposing how far the drafting has deviated from the original position. As well saving an enormous amount of time, this feature will ensure that in-house lawyers have complete oversight over version control, whilst also providing key information about contracts that have been previously drafted and executed to ensure that future negotiations run as smoothly as possible.
Rosemary Martin, Group General Counsel & Company Secretary at Vodafone Group Plc., said: “Good technology can make a really positive difference in corporate legal departments. Being able to rapidly analyse contracts and display critical information means lawyers no longer have to waste time trawling through their contracts. Tools like Luminance that enable lawyers to quickly and easily see which areas of a contract need to be negotiated can speed up the time to contract – and faster contracting means faster revenue generation. We are at a point where businesses need to be thinking about how cutting-edge technology can benefit their organisations and powerful AI can help in-house legal teams.”
"Contract analysis is a fundamental process with business critical implications, however it has historically been time- and resource-intensive," said Don Riddick, Chief Legal Officer at Featurespace. "Thanks to Luminance Corporate, that's not the case for us. It expedites the review of legal documents and clarifies all of our contractual obligations, allowing us to continue outsmarting risk and pioneering the evolving enterprise financial crime landscape for our customers."
“Luminance is the only technology that can support lawyers across the full spectrum of document review needs. With a growing number of in-house legal teams already using Luminance, creating a tool that uses our next-generation technology to transform the creation and management of contracts was the natural next step,” said Luminance’s CEO, Eleanor Weaver. “Today, in-house legal teams are often forced to rely on outdated and convoluted approaches to reviewing and amending contracts, including making tracked changes in Word which are then reconciled over email and stored on personal laptops. Luminance’s AI is allowing in-house teams to focus time and money where it matters, whilst also ensuring that nothing goes unnoticed.”
Tim Shirley, Senior Legal Counsel at Ferrero, said: “Luminance’s technology provides lawyers with one of the most sophisticated in-house tools on the market. The flexibility of the technology means that instead of adopting multiple systems or relying on lengthy, manual review processes, in-house teams can conduct a whole spectrum of legal tasks within a single, streamlined platform. Luminance has the capability to be transformative for in-house lawyers in their everyday work.” He continues: “Luminance’s AI technology helps in-house legal teams introduce innovation that can immediately benefit the business. By allowing in-house legal teams to rapidly understand all aspects of their contracts, Luminance helps to reduce time, resource and money, pushing legal teams to think and work differently and to help to shape the business for the future."
Luminance Corporate is the third product within Luminance’s AI-powered document review suite. The company’s technology is currently used by over 300 organisations in 55 countries and was recently selected as a ‘Future Fifty’ company by Tech Nation.
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