AI just negotiated a contract for the first time ever
The ability of artificial intelligence to negotiate contracts autonomously with another artificial intelligence was demonstrated for the first time in history.
In an effort to automate the analysis and modification of contracts, British AI firm Luminance developed a proprietary large language model (LLM). General-purpose language generation and processing can be achieved by LLMs, a type of AI algorithm.
Luminance’s managing director and chief of staff, Jaeger Glucina, said the new artificial intelligence would eliminate much of the paperwork that lawyers typically do on a daily basis.
By automating the day-to-day negotiations, Autopilot frees up lawyers to use their creativity where it counts, rather than being bogged down in such tasks.
“This is just AI negotiating with AI, starting with opening a Word contract, moving on to negotiating terms, and then sending it to DocuSign.”
“Now all of this is handled by AI, which is not only legally trained, which we’ve talked about being very important, but also understands your business.”
In comparison to Lumi, Luminance’s ChatGPT-like chatbot, Autopilot is much more advanced.
Luminance claims the tool allows lawyers to query and review parts of a contract to identify red flags and clauses that may be problematic.
While Autopilot can function independently of a human being, humans are still able to review every step of the process, and the software keeps track of all changes made by AI.
Minutes later, the contract was finalized after clauses were analyzed and changes made.
In this agreement, there are two lawyers: Luminance’s general counsel and the general counsel for ProSapient, one of Luminance’s clients.