Source: Yahoo Finance
As AI continues to evolve at an alarming rate, threatening to change the world of work as we know it, another development has made headlines. Luminance, a UK company specialising in AI for the legal profession, is set to launch a new tool that fully automates contract negotiation.
It aims to slash the time needed for legal professionals to pore over tedious and lengthy contract work. Demonstrations and tests have shown the tool can capably handle contract negotiations—even when pitching AI against each other in contesting contracts—in a matter of minutes.
This raises the question: can AI replace legal ‘grunt work’? Many industries are already benefitting from using AI to replace their menial tasks. And now it seems the legal sector could be following suit…
But the issue remains as to whether this sort of tech can be relied on completely. Alastair Brown, Chief Technology Officer at BrightHR, weighs in on the subject: “When implemented correctly, AI can help businesses streamline operations, reduce costs, and improve customer experience. So, the decision to embrace AI in the world of work is generally a positive one.
“For instance, our AI-powered question and answer tool has given business’ the equivalent of over one million minutes of free advice in the last 12 months alone. And that equates to around four million saved in solicitors’ fees. It’s a brilliant tool to secure accurate, qualified information in response to those day-to-day questions that arise from business owners, and quickly—something that’s of vital importance in today’s fast-paced world that shows no signs of slowing.
Read full article: https://finance.yahoo.com/news/brighthr-explores-ai-impact-legal-123300213.html
