For the first time ever, artificial intelligence (AI) has negotiated a contract with another AI without any human help.
UK-based AI company Luminance has unveiled an AI system backed by its own large language model (LLM) which can autonomously edit and analyse contracts in real time.
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The aim of the system is to eliminate the time-consuming paperwork that lawyers carry out on a daily basis, said Jaeger Glucina, chief of staff and managing director of Luminance.
The British AI company has been using its LLM to augment the work of lawyers since 2016. The company claims it is powered by over 150 million documents, massive volumes of legal documentation and combined knowledge of the legal industry.
However, the advancement takes the popular AI co-pilot, which is currently used by over 500 customers, one step further.
Luminance Autopilot is able to handle the day-to-day negotiations of contracts. The AI reads it, remidiates areas of risks and responds to any changes made by the counterparty’s AI.
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By GlobalDataThe company says all of this is done automatically.
“Contracts form the heart of any business. They define the relationships that a company has with its employees, suppliers, and customers. Yet, every day, we speak to legal teams who are spending around 80% of their time reviewing and negotiating routine documents,” Glucina said.
“By putting the day-to-day negotiations in the hands of an AI that is legally trained and understands your business, we’re freeing lawyers up to focus their creativity where it counts,” she added.
The industry-specific LLM comes as OpenAI’s ChatGPT announced custom GPTs, which allows a user to build and train a model for a specific purpose.
CEO Sam Altman revealed the company’s strategy to leverage the immense popularity of ChatGPT by encouraging developers to work within its ecosystem.
