Luminance’s AI Autopilot Revolutionizes Contract Negotiation Process

In a pioneering move, British AI company Luminance has created an AI system capable of autonomously negotiating contracts with another AI, eliminating the need for human involvement. This groundbreaking innovation is based on Luminance’s proprietary large language model (LLM), an AI algorithm capable of general-purpose language processing and generation.

Jaeger Glucina, the company’s chief of staff and managing director, explained that the new AI system, named Autopilot, is designed to streamline the contract negotiation process. It aims to reduce the burden of paperwork that legal professionals face daily, allowing them to focus on tasks where their expertise and creativity are most needed.

Autopilot is capable of handling all aspects of contract negotiation, from opening a contract in Word to negotiating terms and sending it to DocuSign. This process is managed by the AI system, which is not only legally trained but also familiar with the specific business it serves.

This new feature represents a significant advancement from Lumi, Luminance’s previous chatbot designed to act as a legal “co-pilot”. While Lumi aids lawyers in identifying potential issues within a contract, Autopilot can independently operate throughout the negotiation process. However, human oversight is still possible as the software logs all changes made by the AI for review.

A demonstration of Autopilot in action at Luminance’s London offices showcased its efficiency and speed. The AI system analyzed clauses, made necessary changes, and finalized a contract within minutes. The demonstration involved an NDA negotiation between Luminance’s general counsel and the general counsel for ProSapient, a research firm client of Luminance.

NDAs often present a challenge in the legal field due to their strict confidentiality requirements and the extensive scrutiny they require. According to Glucina, legal teams spend approximately 80% of their time reviewing and negotiating routine documents like these. By automating this process, Autopilot can significantly expedite business dealings and potentially increase revenue.

The AI system begins by identifying contentious clauses, which are then revised to be more agreeable. It also takes into account the company’s preferences in contract negotiation, making adjustments accordingly. For instance, if an NDA proposes a six-year term contrary to Luminance’s policy, the AI will automatically redraft it to a three-year term.

In the latest AI news, Glucina suggested that Luminance Autopilot offers a more tailored solution for the legal industry compared to general-purpose platforms like OpenAI’s software. This sentiment was echoed by Peel Hunt, a UK investment bank, which stated that domain-specific large language models (LLMs) should deliver superior performance compared to more general-purpose LLMs.

Luminance has not disclosed the cost of its software. The company offers annual subscription plans allowing unlimited users to access its products. Its client list includes major corporations like Koch Industries and Hitachi Vantara, as well as consultancies and law firms.

In conclusion, Luminance’s Autopilot represents a significant advancement in AI tools for the legal industry. By automating routine tasks like contract negotiation, it allows legal professionals to focus on more complex and creative tasks. This development could have far-reaching implications for the future of the legal profession and further establish AI as a game-changer in various industries.