AI Breakthrough – Contract Negotiation Without Humans!
New developments in AI
In a groundbreaking achievement, artificial intelligence (AI) has autonomously negotiated a contract with another AI, marking a world first. Luminance, a British AI firm, showcased its AI, Autopilot, at its London headquarters, successfully negotiating a non-disclosure agreement within minutes.
Luminance’s Autopilot, developed based on its proprietary large language model (LLM), revolutionizes contract analysis and modification. This AI system aims to reduce the paperwork burden on lawyers, allowing them to focus on more creative aspects of their work.
Jaeger Glucina, Chief of Staff and Managing Director at Luminance, emphasized Autopilot’s role in handling day-to-day negotiations, freeing up lawyers for more strategic endeavors. The AI seamlessly manages tasks from opening contracts to negotiating terms, even utilizing DocuSign for the final agreement, all while understanding the nuances of your business.
Autopilot outshines Lumi, Luminance’s ChatGPT-like chatbot, by operating independently of human input. However, human oversight is retained, with the software logging every AI-driven change in the process.
During a live demonstration at Luminance’s London offices, the AI negotiators swiftly analyzed, modified, and finalized a contract, showcasing the system’s efficiency.
The negotiation involved Luminance’s general counsel and the general counsel of its client, ProSapient, both represented by photos on monitors. However, the driving force behind the contract analysis, content scrutiny, and recommendations was entirely AI-powered.
Glucina explained that Luminance’s Autopilot is strategically designed to streamline the often time-consuming process of Non-Disclosure Agreements (NDAs). By automating this, the software aims to eliminate delays in revenue generation and business dealings caused by legal teams.
According to Glucina, legal teams spend around 80% of their time on routine document review and negotiation. Luminance’s software identifies contentious clauses, modifies them based on company preferences, and logs all changes made.
In response to comparisons with general-purpose AI models like OpenAI’s, Glucina asserted that tools like Luminance Autopilot, tailored specifically to the legal industry, provide more value. Peel Hunt, a UK investment bank, supported this view, stating that domain-specific models outperform general-purpose large language models.
Luminance, founded in 2016 by mathematicians from the University of Cambridge, offers legal document analysis software to enhance lawyer efficiency. Backed by investors like Invoke Capital and Talis Capital, Luminance serves clients including Koch Industries and Hitachi Vantara.
While the cost of Luminance’s software remains undisclosed, the company offers annual subscription plans with unlimited user access. Mike Lynch, co-founder of Autonomy and a backer of Luminance, stepped down from the board in 2022, facing extradition charges from the UK to the US over fraud allegations.
