Luminance has launched Lumi Go, which provides the ability to send draft agreements to a counterparty and have Luminance ‘auto-negotiate on their behalf’.
Sounds intriguing…….How does it work? This is how the UK-based legal AI company explained it:
- ‘With Lumi Go, Luminance users can send a contract to a counterparty for signature as part of their normal workflow.
- But now, the recipient will receive access to a ‘lite’ version of Luminance within Microsoft Word, comprising Luminance’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 proposed changes are likely to be accepted by the Luminance customer or not.
- 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.’
And this looks helpful, but this site would probably not describe it as full ‘auto-negotiation’, rather it’s a fast review tool that engages both parties by leveraging a playbook.
To be a true auto-negotiation tool we’d have to get to a point where the whole process was handled by AI and automation, with lawyers on either end simply signing off the very final version. We have seen some companies explore just that, such as Pactum, which has tried to offer this in relation to very simple sales and procurement transactions in the supermarket sector. That said, this still looks to be a useful step forward.
Eleanor Lightbody, CEO of Luminance, commented: ‘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.’