28 February 2023 | Luminance, the global leader for legal process automation, today announced that its award-winning AI has been adopted by Finnish origin digital innovation company, Futurice, to automate the organisation’s contract negotiation processes.
With over 800 employees throughout Europe, Futurice provides digital transformation services to some of the world’s largest companies including Volkswagen, Nokia Bell Labs and BMW. As a company that prioritises innovation in all aspects of its business, Futurice sought a next-generation technology that could automate legal processes across the business and support its lean legal team in the negotiation and review of high-volume contracts. After trialling several platforms, Futurice found that Luminance’s AI outpaced other technologies when it came to its ability to service all aspects of the contract lifecycle.
Having previously relied on lengthy reviews, manual searches and institutional knowledge to ensure growing compliance requirements were met, Futurice will now benefit from Luminance’s revolutionary Traffic Light Analysis technology. Powered by the latest advances in AI, Luminance can instantly highlight which clauses comply with or deviate from Futurice’s internal standards, allowing the team to quickly focus their attention on areas that pose potential risk. Further, with seven offices across Europe, Futurice is able to upload jurisdiction-specific internal standards into Luminance, ensuring that the team can keep abreast of and ensure compliance with regulatory requirements across borders.
Teemu Oksanen, General Counsel at Futurice commented: “Luminance’s AI will complement our legal team, enabling us to cut the time spent on lower value tasks and focus our attention and expertise on what matters. The legal team can now prioritise the work they actually enjoy and really add value to our business, namely creative and strategic thinking.”
Eleanor Lightbody, CEO of Luminance added: “We are excited that Futurice has selected Luminance to transform their contract negotiation processes. With Luminance automating the most labour-intensive aspects of contract review, their in-house legal teams can better focus their time on value-generating activities for their business. I look forward to seeing the benefits our AI brings for Futurice.”
Futurice is an outcome-focused digital transformation company. We help our clients solve their biggest challenges and empower them to make a positive impact on the world. We discover and design the new. We are user-centric in developing, scaling, and sustaining solutions for digital transformation and co-creating a culture that makes innovation happen. We work across industries – from energy, retail, and construction to media, finance, and automotive and much more. We collaborate closely with our clients and work towards measurable and sustainable outcomes. Founded in 2000, our team comprises over 800 diverse experts who represent more than 60 different nationalities. We have Nordic roots and a global mindset and operate across Europe.
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 500 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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