31 May 2022 | French legal services provider, Væg Juridica, has adopted Luminance’s AI-powered legal process automation tool, Luminance Corporate, to revolutionise the firm’s contract drafting, negotiation and review processes.
Væg Juridica supports legal teams from across the public and private sectors by taking on outsourced legal processes, such as the drafting and review of administrative, legal and court documents. Faced with increasing volumes of outsourced documents and the added challenge of rapid regulatory change, Væg Juridica sought to implement a next-generation technology that would enhance and expedite the entire contract lifecycle, helping the team to ensure compliance across their clients’ contracts whilst driving time efficiencies into their everyday work.
Following a free trial of the technology, Væg Juridica chose to deploy Luminance Corporate, which uses AI to help lawyers and organisations with the pre-execution contractual stages of drafting and negotiation, across the entire firm. Fully integrated with Microsoft Word, Corporate is the first AI in the world that can be used out-of-the-box to take a first-pass review of incoming contracts, with in-built knowledge banks suggesting compliant wording for areas that present risk. Crucially, Luminance’s unique machine learning capability, which allows the platform to learn from the interaction between a lawyer and their contracts, was critical to Væg Juridica’s adoption, meaning, as the firm’s internal standards change, Luminance will automatically update its precedent bank, constantly refining its understanding of a ‘model’ contract or clause.
Charlie Yom Boulock, CEO and President of Væg Juridica, said: “We exist to make the lives of legal professionals easier, and Luminance’s AI is helping us to do that by enhancing and expediting all stages of the contract lifecycle. Corporate’s Traffic Light Analysis feature is revolutionary, allowing us to instantly see where the terms of a contract don’t meet our standards and therefore where we need to focus our time and attention from the outset. The efficiency Luminance affords us means we have more time to spend on higher-value work that really matters to our clients, such as critical analysis and strategic counsel.”
Eleanor Weaver, CEO of Luminance, added: “We are delighted to welcome an innovative firm like Væg Juridica to our rapidly growing customer base. Luminance Corporate is transforming the work of in-house legal teams and legal service providers around the world, and I look forward to seeing how our AI will enhance the firm’s efficiency and drive profitability whilst also helping them to maintain compliance.”
Luminance is currently used by over 400 organisations in 60 countries, including over one quarter of the Global Top 100 law firms, all of the Big Four professional services firms as well as corporate customers such as Tesco and Ferrero.
About Væg Juridica
Væg Juridica are a legal services provider based in Lyon. They offer customers software for automating administrative, legal, and accounting documents which allow any user to draft documents and configure them according to their needs. As the origin of its name indicates, VÆG JURIDICA constitutes for its clients a legal wall which gives them the peace of mind necessary when it comes to the legal aspects of their practice.
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 used 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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