Luminance, the pioneer in ‘legal-grade’ AI, today announced that LG Chem has become the first Korean company to adopt its flagship product, ‘Luminance Corporate’, bringing AI to every touchpoint the business has with its contracts.

With 50,000 patents, 20,000 employees and 58 locations worldwide, LG Chem is one of the largest science and chemical companies in the world. The rapidly growing company, which is headquartered in Seoul, has been dealing with high volumes of contracts - including Sales Agreements and Non-Disclosure Agreements - which require quick turnaround times. In line with LG Chem’s wider push towards AI integration, the firm’s 50-person legal team sought a next-generation technology that could enhance the negotiation, generation, and analysis of these high-volume contracts, whilst centralising institutional knowledge as the company grows.

After a thorough analysis of the market, LG Chem ultimately chose Luminance’s cutting-edge AI for its ability to expedite and enhance every stage of the contract lifecycle. For instance, the company now utilises Luminance’s Traffic Light Analysis functionality which acts like a legal “spellchecker”, automatically highlighting risky or non-standard clauses in any incoming contract. This has allowed the legal team to significantly reduce the time spent negotiating documents such as Supply and Purchase Agreements, instead focusing on business-critical areas of the contract. Where proposed clauses are not compliant with LG Chem’s internal standards, Luminance’s AI suggests fallback language which is configured from approximately 25 of LG Chem’s uniquely built Knowledge Banks. With Luminance at their fingertips, the team has achieved at least 30% reduction on average time spent on a single contract.

LG Chem has also been taking advantage of Luminance’s award-winning chatbot, Ask Lumi, which allows the legal team to open any contract in Word and receive instant responses to any question in any language, including Korean. Furthermore, the team can simply ‘Ask Lumi’ to redraft clauses on-the-fly or draft an executive summary of any contract, which has proved crucial when answering questions from the wider business.

Looking ahead, LG Chem will continue to roll out Luminance’s AI across their European and American partners, creating a centralised system to ensure consistency across their global legal team.

Sue Yang, Vice President/Head of Department of LG Chem’s Global Legal Department, said: “We are proud to be a company driven by innovation, and it’s clear that Luminance is a best-in-class AI technology for in-house legal teams. Luminance helps us drive efficiency across the entire business. By automating the routine yet time-consuming tasks associated with contract generation and negotiation, our legal team is empowered to focus their time on high-value work that will maximise revenue generation and provide business-wide value. With Luminance, our legal team now has a partner in our growth journey.”

ENDS

About LG Chem

LG Chem is a leading global chemical company with a diversified business portfolio in the key areas of petrochemicals, advanced materials, and life sciences. The company manufactures a wide range of products from high-value added petrochemicals to renewable plastics, specializing in cutting-edge electronic and battery materials such as cathodes, as well as drugs and vaccines to deliver differentiated solutions for its customers. LG Chem is committed to reaching carbon-neutral growth by 2030 and net-zero emissions by 2050 by managing the impacts of climate change and making positive contributions to society through renewable energy and responsible supply chains.

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.