The London-based legaltech firm's in-house-focused contracting platform are being used by several companies now
In-house legal teams of Vodafone, Featurespace and Ferrero are among the companies which have moved to using Luminance's new artificial intelligence (AI) platform to help their legal departments get a better grip on their contracting issues.
London-based legaltech firm Luminance Corporate uses AI technology to streamline the contract lifecycle process by automating contract drafting, version control and renewal. This enables the in-house lawyers to better understand, manage and negotiate their contracts.
The Luminance platform's AI capabilities also provide insights on those contracts helping lawyers save time and effort in manually searching for key information.
"Good technology can make a really positive difference in corporate legal departments. Being able to rapidly analyse contracts and display critical information means lawyers no longer have to waste time trawling through their contracts," Rosemary Martin, group general counsel and company secretary at Vodafone, said.
Martin further said that such tools enable lawyers to quickly and easily see which areas of a contract need to be negotiated, which can speed up the time to contract. "Faster contracting means faster revenue generation," she added.
Luminance claims that its complete suite of AI-powered legaltech tools is used by more than 300 organisations across 55 countries.
Don Riddick, chief legal officer at Featurespace, said: "Contract analysis is a fundamental process with business-critical implications, however, it has historically been time and resource-intensive."