Artificial intelligence (AI) is a term more associated with the realm of science fiction than law. Many lawyers have simply turned a blind eye to the impact that AI and machine learning technology are having in a vast array of contemporary industries, from financial services to medicine. There is no reason that law should be any different—after all, a great deal of lawyers’ time is spent on tedious, repetitive tasks that machines are now fully capable of automating.
The technology has already permeated the European legal world. 56% of the top 100 UK law firms report they are already using AI or are “very likely” to do so. American lawyers need to take notice of the true commercial potential AI brings to both law firms and in-house teams.
The London-based Luminance team is attending ABA TECHSHOW for the first time this year and, in the wake of a successful trip to LegalTech last month, is excited to speak to more American lawyers about the potential of AI to vastly improve their efficiency.
Luminance harnesses the power of artificial intelligence to read and understand complex legal documentation. Drawing on R&D at Cambridge University, Luminance was founded by a combination of lawyers, M&A experts, and mathematicians. World-leading UK law firm Slaughter and May have partnered with Luminance to develop, test, and pilot the software, using their extensive deal-making experience and deep understanding of due diligence.
By clustering and comparing thousands of documents simultaneously, Luminance vastly improves the efficiency of due diligence. Our clients have found that their lawyers cut their time spent on contract review in half, freeing them for higher-value work. To date, Luminance has been used on dozens of live transactions—from South Africa to Norway—since its launch in late 2016.