New contract battleground for AI in law
Managing mountains of contracts held by in-house legal departments is emerging as the next big battleground for artificial intelligence in law. Cambridge-based start-up Luminance has revealed a move into the corporate market by announcing that financial services company Think Money Group had adopted its technology – up to now, installed mainly in law firms – to manage supplier contracts.
GCs are seen as future big users of AI to manage stacks of new and existing contracts against risks posed by new compliance demands.
Think Money Group is deploying Luminance’s AI system, which relies on computer vision and machine-learning to identify relevant clauses in contracts, to spot areas of risk in large collections of supplier contracts. The system sorts contracts, automatically grouping them by language, detail and template, to give the legal team an instant view of how their variations compared to the company’s model contract. The technology also identifies clauses that risk being non-compliant with upcoming regulatory changes.
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