Lawyers using Luminance’s machine learning platform will now be able to assess business risk and obligations by selecting a ‘Brexit’ module that will instantly analyse contracts against a range of out-of-the-box concepts. Whilst traditionally, businesses have addressed governmental and regulatory changes by manually trawling through contracts to find relevant wording, Luminance is able to automatically identify crucial information such as contract type, parties, governing law and clauses, assisting lawyers in gaining a rapid and complete understanding of their contractual landscape across a wide array of Brexit-related issues. For instance, if, in light of Brexit, a firm wished to conduct a Part VII transfer under the Financial Services and Markets Act 2000, Luminance would be able to immediately surface crucial provisions such as Data Protection, Limitation of Liability, Assignment, Change of Control, Termination and Notice to help lawyers assess the viability of such a transfer.
Recently, EY Law Belgium have been using the Luminance platform to gain instantly visibility into vast datasets in order to conduct an in-depth review of certain clauses and legal agreements, implement remedial action where needed and identify anomalies or potential legal issues. Luminance requires no prior machine ‘training’ or configuration before use, labelling key data points and highlighting anomalies that might require attention. Further, Luminance shows how contractual wording deviates across provisions present in the data set, and provides Word integration to seamlessly remediate any documents requiring alterations in light of Brexit, drastically reducing time spent on the review. Indeed, EY believe that companies can expect to see time savings of up to 75% using AI technology in such reviews.
Marija Dutick, lawyer at EY Law Belgium, has said of Luminance: “The groundbreaking tool, used with EY networks worldwide, allows for quick and efficient reviews of large amounts of data.” She continues, “The tool has proven to be extremely useful in scanning Brexit’s legal documentation.”
Jaeger Glucina, Luminance’s Head of Sales, comments: “In an uncertain and fast-moving legal climate, it is business-critical that firms have the most sophisticated tools to assist them with their legal reviews. Luminance’s new Brexit module ensures that firms will be catapulted from uncertainty to insight and opportunity.”
Luminance is currently used by over 300 law firms and organisations in over 50 countries including all of the ‘Big Four’ accounting firms and over one-fifth of the Global ‘Top 100’ law firms including Holland & Knight, Bird & Bird and White and Case. Last year, Luminance was made a ‘Technology Pioneer’ by the World Economic Forum.