A new artificial intelligence (AI) tool is being developed that can negotiate contracts in minutes. The tool, called Luminance Autopilot, is being created by U.K. company Luminance and is expected to be released in 2024.
Autopilot uses a large language model (LLM) that has been trained on over 150 million legal documents. This allows the AI to understand the legal implications of different contract terms and to negotiate on behalf of its user.
In a recent demonstration, Autopilot was able to negotiate a non-disclosure agreement (NDA) between two companies in just a few minutes. The AI was able to identify and change terms that were unacceptable to one or both parties, and to reach a mutually agreeable agreement.
Connagh McCormick, general counsel at Prosapient, a company that uses Luminance’s solutions to speed up their contract review, is keen to try the new Autopilot when it’s available. He believes that AI can help to improve the efficiency of the contract negotiation process.
The sources for this piece include an article in BBC.
