Law firm LHV links up with Luminance to revolutionize legal workings
LHV, a leading banking services provider founded in 1999, has announced the implementation of Luminance's AI technology to revolutionise its legal operations. This partnership underscores a shared vision between the two companies to leverage AI and drive innovation and efficiency across the legal sphere.
The decision comes as the legal team at LHV grappled with growing volumes of agreements under tight deadlines. Manual review processes were time-consuming and prone to bottlenecks, leading to delays in client onboarding for Relationship Managers and potential legal risks.
Eleanor Lightbody, CEO of Luminance, expressed her excitement about the partnership, stating, "LHV's adoption of Luminance underscores our shared vision of leveraging AI to drive innovation and efficiency across the legal sphere."
The implementation of Luminance's technology is set to streamline and enhance contract workflows at LHV. The AI solution will be used to accelerate the review of commonly used legal documents, including client and vendor agreements, NDAs, and other routine contracts.
Luminance's analytics capabilities will enable the team to monitor contract termination and renewal dates, ensuring alignment with internal policies and strengthening regulatory readiness. The AI will also identify potential risks in contracts within minutes, reducing legal risk significantly.
Olivia Miller, a trainee solicitor at LHV, expressed her excitement about the AI in legal operations. She noted, "The AI implementation at LHV allows us to scale operations without proportionally increasing headcount or external counsel costs."
With Luminance, LHV can now review contracts and highlight key clauses quickly, improving accuracy and consistency. The executive team will also have clear visibility into the legal team's activity across the organisation, supporting faster, more informed decision-making at the executive level.
Complex contract turnaround times at LHV are expected to decrease from days to under an hour. The expected reduction in review times for low-value, high-volume documents such as NDAs is at least 50%.
This means faster contract negotiation and quicker client onboarding for Relationship Managers at LHV. Product teams can also expect fewer delays in the contract negotiation process, enabling quicker deal closures with a range of suppliers.
In essence, LHV has adopted Luminance to improve both the accuracy and efficiency of its legal workflows, freeing up the legal team to focus on higher-value strategic work. The bank is set to reap the benefits of AI-driven legal operations, joining the ranks of forward-thinking organisations harnessing the power of technology to drive success.
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