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The world of law is not immune to the sweeping changes brought about by technological advancements, specifically the advent of Artificial Intelligence. In a fascinating discussion with Jaeger Glucina, Chief of Staff at Luminance, we delve into how AI is reshaping the legal industry and creating new possibilities for efficiency and accuracy in legal processes.
Built on a proprietary legal Large Language Model (LLM), Luminance uses next-generation AI to automate the generation, negotiation and analysis of contracts. Developed by world-leading AI experts and validated by leading lawyers, Luminance’s specialist ‘legal-grade’ AI is a trusted co-pilot for any legal team.
From taking a first pass review of any contract under negotiation, to a first-of-its-kind AI chatbot for redrafting clauses on-the-fly and an intelligent contract repository for granular insight into any contractual landscape, Luminance brings AI to every touchpoint a lawyer has with their documents.
A key area of focus in this conversation is the revolutionary role of AI in contract drafting and reviewing. Luminance is leading the way by using a combination of generative and analytical AI to improve accuracy and efficiency in these areas. This technology allows for the identification of risk elements in contracts and the generation of drafts with simple prompts.
As Jaeger highlights, this is a significant shift from traditional legal processes and has the potential to greatly improve the working lives of lawyers and legal professionals.
One of the fascinating aspects of AI’s integration into the legal sector is its potential to redefine traditional business models. A significant shift is taking place in how lawyers bill for their services. AI is introducing opportunities for automation, leading to a drastic reduction in time spent on certain tasks. This change is influencing the billing model in the legal industry, moving away from hourly billing towards value-based pricing.
As the legal industry continues to embrace AI, there’s a growing need for digital literacy among legal professionals. The integration of AI into legal processes requires a workforce that understands and can effectively utilize these new tools.
Jaeger underscores the importance of equipping legal professionals with the necessary digital skills to harness the full potential of AI in their work.