All ‘Go’ at Luminance as it kick-starts a revolution

The move marks a significant step up from its world-first auto-negotiation tool launched last year, towards realising fully automated contracting at scale, with implications across industries looking to streamline operations and cut down on costly negotiation delays. It slashes back-and-forth communication and accelerates time to signature, Luminance reveals.

Key aspects of the tech upgrade include:

• Democratising access to legal AI: Luminance’s new capability enables all parties in contract negotiations – whether or not they are Luminance customers – to access real-time AI-powered feedback and streamline routine negotiations.
• Streamlined AI negotiations: Luminance clients can send any contract to their counterparties, who will immediately receive AI-powered feedback on the likelihood of proposed changes being accepted. This visibility dramatically reduces back-and-forth, enabling counterparties to suggest mutually agreeable revisions quickly.
• Instant AI drafting: When revisions are needed, the AI provides “middle-ground” alternatives with a single click, eliminating bottlenecks and accelerating time-to-signature.

This matters because the future of fully-automated contracting lies in intelligent systems that not only manage, but also proactively optimise the negotiation process, the company says. This product is designed as a clear step towards that future.

AI efficiencies in law are currently limited to those who have already invested in the technology: The upgraded solution breaks this barrier, bringing the benefits of Luminance’s AI to every negotiation process.

This is the Cambridge-born company’s third new product development for 2024 designed to reshape the way companies negotiate with one another.

With Lumi Go, Luminance users can send a contract to a counterparty for signature as part of their normal workflow. Now the recipient will receive access to a ‘lite’ version of Luminance within Microsoft Word, comprising the company’s AI-powered contract review and chatbot functionality, Ask Lumi. As the counterparty marks up the contract, they will receive real-time feedback on whether or not proposed changes are likely to be accepted by the Luminance customer.

Going one step further, Luminance’s AI will even draft suggested alternative language that has a high chance of approval, which can be inserted by the counterparty with one click. Lumi Go represents the first time that AI is automatically being made available to both parties during the negotiation of contracts.; it eliminates repetitive redlines on the same clauses and accelerates time to signature for all involved.

Eleanor Lightbody, CEO of Luminance, says: “Lumi Go represents more than just a boost in productivity for routine contract negotiations; it offers a glimpse into the future of legal practice as AI continues to become more pervasive.

“This world-first development represents a move towards seamless, interconnected systems that benefit all parties involved. It’s this network effect that will transform contract negotiations globally.”

Michelle Freno, Sr. Director Legal, EMEA, at customer Proofpoint, added: “Lumi Go will help businesses build stronger relationships with their customers and suppliers by enabling streamlined negotiations with significantly less back-and-forth.

“By accelerating the negotiation of low-value, high volume contracts, businesses can focus on the high-value, complex work that requires their attention.”

Luminance’s technology is developed by world-leading AI experts, validated by leading lawyers and trusted by more than 700 customers in 70 countries.