24 May 2022 | One of the world’s largest law firms has adopted Luminance’s world-leading artificial intelligence to enhance a range of contract review projects across its UK headquarters.
Having previously relied on legacy technologies in the market, the firm, which is ranked in the top 20 largest law firms in the world by revenue, was in need of a next-generation technology to expedite high volume, multilingual document review exercises and legal processes within the international firm. Developed by mathematicians from the University of Cambridge, Luminance works out-of-the-box to identify over 1,000 different concepts within executed contracts, as well as flagging anomalies that lawyers might not have otherwise been aware existed. Today, the platform is trusted by over 400 organisations, helping lawyers to maintain compliance with advanced in-built clause and document comparison technology, and can also be used for redaction, reporting and contract remediation.
Eleanor Weaver, CEO of Luminance, said: “I am delighted to welcome another world-leading top 20 firm to the Luminance stable. Our success in the law firm market has proven both our technology and our proposition, and I am pleased to see this success continue in the in-house legal sector with the launch of Luminance Corporate. Increasing volumes of legal content, enhanced regulatory challenges and talent retention are all presenting challenges that are being universally felt across the legal profession. AI is a key component in tackling all of these challenges.”
The announcement comes off the back of a record-breaking quarter for Luminance, in which the company celebrated a multi-million-dollar deal with a US-headquartered multinational conglomerate, a 20% increase headcount in Q1 alone and a 48% increase in signings by North-American headquartered organisations compared to the previous quarter. Much of this growth is driven by the company’s latest innovation, Luminance Corporate, which uses the same award-winning AI to streamline the drafting, templating and negotiation of live contracts pre-execution.
Luminance’s customers include all of the Big Four consultancy firms, over one quarter of the world’s largest law firms including White & Case, Holland & Knight and Slaughter and May, as well as in-house teams from leading organisations such as UK supermarket, Tesco, and global confectionary company, Ferrero.
Luminance is the world’s most advanced AI technology for the legal processing of contracts and documents. Founded by mathematicians from the University of Cambridge, Luminance’s AI reads and forms a conceptual understanding of documents in any language. Luminance uses this understanding to augment the spectrum of legal matters, from AI-powered contract drafting, negotiation and review to investigations and eDiscovery. Luminance is trusted by over 400 customers in 60 countries, including all of the Big Four consultancy firms, a quarter of the world’s largest law firms and multinational organisations.
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