The system independently opened the contract in Word, agreed on the terms and sent the document for signature.
British startup Luminance has developed an AI system based on its own language model – capable of automatically analyzing and making changes to contracts. According to the company's managing director, Jeger Glyukina, the technology will eliminate the paperwork that lawyers must do every day.
“It’s just AI negotiating with AI, from opening a contract in Word to negotiating terms and sending the document to DocuSign,” she explains.
Autopilot Luminance has undergone legal training and researched company business data; it is also significantly more advanced than the company's Lumi chatbot, which is similar to ChatGPT.
The tool is essentially designed as an assistant for lawyers to query and review parts of a contract to identify clauses that may be problematic. At the same time, the software can operate independently of a human, although a real lawyer will be able to review each step of the process in a change log.
According to CNBC, the technology works very quickly – during the demonstration, points were analyzed, changes were made, and a contract was drawn up in just a few minutes. According to Jaeger, legal teams typically spend about 80% of their time reviewing and reconciling routine documents.
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Lawyers on both sides of the case included a representative from Luminance and the company's client, research firm ProSapient, who were pictured on monitors on both sides of the room. At the same time, only artificial intelligence studied the contract and made recommendations.
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The software highlighted the controversial points in red and then changed them to more appropriate wording, taking into account how companies typically deal with such cases. For example, the non-disclosure agreement is valid for 6 years under the contract, which is contrary to Luminance’s policy – the AI sees this and halves the term.
According to Luminance, their software is designed to be highly specialized, so it has advantages for legal tasks compared to general-purpose tools such as ChatGPT or Anthropic's Claude. The company does not disclose the cost of its software, but offers annual subscription plans and its clients include companies such as Koch Industries and Hitachi Vantara, as well as consulting and law firms.
- Luminance was founded in 2016 by mathematicians at the University of Cambridge. The company uses artificial intelligence and a machine learning-based platform to process large, complex and fragmented legal document data sets, allowing managers to easily assign tasks and track the progress of the entire legal team.
- Luminance is backed by Invoke Capital, a venture capital fund created by British tech entrepreneur Mike Lynch, who is now facing extradition from the UK to the US on fraud charges. He stepped down from Luminance's board in 2022, although he remains a prominent donor.