Jaeger Glucina, chief of staff and managing director of Luminance, said its new AI aimed to eliminate much of the paperwork that lawyers need to complete.
In a world first, artificial intelligence demonstrated the ability to negotiate a contract autonomously with another artificial intelligence without any human involvement.
British AI firm Luminance developed an AI system based on its own proprietary large language model to automatically analyze and make changes to contracts. LLMs are a type of AI algorithm that can achieve general-purpose language processing and generation. "This is all now handled by the AI, that's not only legally trained, which we've talked about being very important, but also understands your business."That tool, which Luminance says is designed to act more like a legal "co-pilot," lets lawyers query and review parts of a contract to identify any red flags and clauses that may be problematic.
In the demonstration, the AI negotiators go back and forth on a non-disclosure agreement, or NDA, that one party wants the other to sign. NDAs are a bugbear in the legal profession, not least because they impose strict confidentiality limits and require lengthy scrutiny, Glucina said. For example, the NDA suggests a six-year term for the contract. But that's against Luminance's policy. The AI acknowledges this, then automatically redrafts it to insert a three-year term for the agreement instead.
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