Generative AI systems have come a long way from their inception last year. But, for the most part, these models have functioned as companions rather than the fully autonomous AI systems we see in movies. However, all this could soon change, as an AI system from the British company Luminance has a negotiated legal contract with another AI without any human involvement.
How does the AI work?
At the heart of this development is Luminance’s AI model “Autopilot,” whose primary aim is to automate lawyers’ day-to-day activities by handling the mundane and routine tasks inherent in contract negotiations.
During a demonstration for CNBC, the AI Autopilot analyzed a non-disclosure agreement (NDA) and, within minutes, comprehended the contract clauses, made adjustments, and concluded the negotiation process. And although the demonstration was purely illustrative without real-world implications, the AI’s ability to manage the entire negotiation process—from contract review in Word to finalizing agreements through platforms like DocuSign—does provide a glimpse into the future.
When talking about its implications, Jaeger Glucina, Luminance’s chief of staff, stated, “Commercial teams are often waiting on legal teams to get their NDAs done in order to move things to the next stage. So it can hold up revenue, it can hold up new business partnerships, and just general business dealings. So, by getting rid of that, it’s going to have a huge effect on all parts of the business.”
Furthermore, Luminance says that by training the AI model with over 150 million legal documents, the autopilot can comprehend the specific dynamics and nuances of a business, thus helping lawyers make better, informed decisions. However, it is important to note that this automated process doesn’t operate without human oversight.
Pricing
While Luminance hasn’t disclosed specific pricing details for the Autopilot, it does offer its AI solutions through an annual subscription plan.
2023-11-08 15:06:22