June 16 2023 | One of the world’s largest sports governing bodies has adopted Luminance’s pioneering ‘Legal-Grade’ AI to enhance contract drafting and negotiation processes across the international organisation.

The company, which employs nearly 200 people globally in its legal team, needed a powerful AI technology to automate the negotiation of high-volume and routine contracts, such as Product Licensing Agreements and Sponsorship Agreements. Due to competing priorities, the review of these contracts was often delayed, with the legal team’s time further drained by reading and manually reviewing page after page of highly standardised wording.

Having trialled multiple offerings on the market, all of which required extensive pre-programming and system training, the company chose Luminance for its unique ability to take a first pass review of any incoming contract out-of-the-box. Luminance’s revolutionary Traffic Light Analysis feature uses a combination of generative and analytical AI to visually indicate where terms differ from an organisation’s previously agreed wording, helping legal teams to instantly pinpoint areas in need of further review. Further, suggested precedents and fallback positions can be substituted at the click of a button, all from within Microsoft Word.

The business also plans to rollout Luminance’s highly customisable contract generation functionality to expedite the drafting of routine contracts, such as Sponsorship Agreements. The legal team has already experienced over 90% time-savings, with Luminance reducing the time spent generating certain contracts from four hours to just 20 minutes. As a result, the legal team can better focus resource and expertise on more complex and strategic matters for the business.

Eleanor Lightbody, CEO of Luminance, noted: “It’s exciting to see how customers across all industries are instantly experiencing vast time-savings and increased efficiencies thanks to Luminance’s next-generation AI. We have always understood that specialist industries require specialist technology to effectively support their business activities, and that’s exactly what Luminance’s legal large language model (LLM) is providing to teams around the globe.”

This latest signing comes as Luminance continues its path of rapid growth, reporting a 336% YOY increase in customers for its flagship product, Luminance Corporate, with signings including Koch Industries, Yokogawa, and Hitachi Vantara.

ENDS

About Luminance
Luminance is the Contract Intelligence platform that turns the language that defines a business into the intelligence it runs on. Born out of the University of Cambridge and purpose-built by AI, legal and technology experts, Luminance understands the history and context of every contract. It acts on that intelligence, proactively surfacing risk, flagging obligations, accelerating negotiations and driving action across Legal, Finance, Procurement, Sales and the wider business. It enables enterprises to learn from their contracts, while contracts learn from the enterprise, helping businesses make better decisions and move forward with confidence.