Luminance launched the largest update to its Legal-Grade AI platform in the company’s ten-year history, introducing new architecture that retains negotiation history and legal decision-making across all enterprise contracts, addressing a long-standing gap in contract systems that captured outcomes but lost the context behind decisions.
Working with design partners including Deloitte, Quantinuum, Ingram Micro, Baringa and others, Luminance’s platform now connects the context for contract negotiations, workflows, and analysis across the entire enterprise portfolio.
“Enterprise amnesia is real, and it’s costly. Whenever it’s time to renegotiate a contract, executives ask: Who agreed to this, and why? Current AI systems are helpful in moments but disconnected over time. Our new platform remembers, reasons, and stays with the work in perpetuity, which distinguishes it from anything else on the market,” said Eleanor Lightbody, CEO of Luminance. Institutional memory transforms legal AI from a legal tool into the central brain for the entire enterprise,” Lightbody added.
“For a decade, Luminance has cut contract negotiation time by 70-80%. With this relaunch, that jumps to 90%, not only that, but with institutional knowledge for contracts now available throughout the enterprise, legal teams can gain over 30% of their time back,” said Harry Borovick, General Counsel of Luminance.
“There have been great strides in AI technology in the last 12 + months. The development in the Luminance platform, including Lumi, enables contract analysis and drafting using natural language querying and prompting right where professionals are doing their contracting work. It’s exciting to be involved with this new technology, which is rapidly changing the ways of working in the Legal Space”, said Peter Lang, Technology Director, Deloitte Legal, Australia.
“Being able to use natural language to surface our contract data from both the repository and matters under negotiation has revolutionised the way we work and the speed at which we can do it”, said Claire Eldridge, Director of Legal and Compliance Operations at Quantinuum. “We no longer have to rely on manual processes across multiple tools or spend time searching through individual documents; the answer is there when we need it in a format appropriate to the circumstances.”
Luminance’s new Legal-Grade AI launches in beta to design partners, with broader availability from February 25.
Read full article: https://www.luminance.com/press/luminance-launches-new-legal-ai-with-institutional-memory-addressing-enterprise-amnesia-and-giving-legal-teams-30-of-their-time-back/
