In a world-first event, artificial intelligence has demonstrated the capability to negotiate a contract independently with another AI without any human intervention. The British company "Luminance" showcased its AI program named "Autopilot," where the AI negotiated an agreement within minutes. The only aspect that still requires a human is signing the contract. "Luminance" has developed an AI system based on the "LLM" model to analyze contracts and make changes automatically. "LLM" is a type of AI algorithm that can process and generate language for general purposes.
Guyger Glosina, the Chief of Staff and Managing Director of "Luminance," stated that the company's new AI aims to eliminate a significant amount of paperwork that lawyers typically need to complete daily. In Glosina's words, the AI "handles everyday negotiations, allowing lawyers to use their creativity when necessary and not getting involved in this type of work."
In an interview with "CNBC," she explained: "This is merely negotiation between AI and AI, starting from opening a contract in 'Word' to negotiating terms and then sending it to 'DocuSign.' All of this is now managed by the AI, which is not only trained in law but also understands your business." The AI feature of "Luminance" is far more advanced than "Lumi," which is Luminance's chatbot similar to "ChatGPT." "Luminance" claims that this machine is designed to act as a legal "assistant," allowing lawyers to query and review parts of the contract to identify any "red flags" and problematic clauses.
