The legal team assisting Koch Industries, Inc. (“Koch”) has implemented Luminance’s award-winning AI to alter internal legal processes, improving the way various Koch organizations engage with Legal, according to the announcement from Luminance, the world leader in legal process automation.
Koch Industries Inc., one of the biggest private firms in America, with headquarters in Wichita, Kansas, generates more than $125 billion in yearly revenue. It is the owner of a diverse range of businesses in a variety of industries, including manufacturing, agriculture, packaging, pulp and paper, consumer goods, glass, building materials, automotive components, renewable energy, refining, chemicals and polymers, electronics, data analytics, medical products, enterprise software, engineered technology, recycling, project services, supply chain and logistics, investments, and international commodities trading.
The legal department of Koch, one of the biggest private American corporations, is enhancing the service life of legal document processing with the help of Luminance’s industry-leading AI technology, from negotiation and contract generation to the review and evaluation of executed agreements.
The AI provided by Luminance can read and comprehend any volume or kind of paperwork, revealing important details and providing users with a broad picture of the contractual environment.
Luminance is the most cutting-edge AI system available today for processing contracts and other legal documents. The artificial intelligence (AI) developed by Luminance, established by mathematicians from the University of Cambridge, reads and comprehends documents in any language conceptually. With the aid of AI-powered contract preparation, negotiation, and review as well as investigations and e-discovery, Luminance employs this understanding to support the whole range of legal issues. The company is trusted by over 500 clients in 60 countries (including the Big Four consulting companies), a quarter of the major law firms in the world, and other multinational corporations.
To adapt and keep improving the way it offers legal services, Koch’s legal team is implementing Luminance’s AI-powered tools as part of its commitment to equipping its workers with cutting-edge technology. Employees in Koch’s legal department and throughout the Koch firms can create compliant contracts with pre-approved language that complies with both internal standards and external legislation using Luminance.
“Luminance will be transformational for legal services, providing us with the opportunity to enhance our legal processes. Importantly, Luminance’s AI is automating the repeatable tasks and administration associated with generating contracts, freeing up our in-house legal team to focus on higher-value work that drives business growth. Our non-legal functions can now utilize Luminance as a self-service way to generate new agreements quickly, while still ensuring compliance with internal legal standards. This empowers the business by embedding innovative technology into all areas of our enterprise,” said Laura Pickle, CIO & Discovery Director for Koch’s legal team. “We have been impressed by the responsiveness of the Luminance team, and we are delighted to have formed such a positive and collaborative relationship with Luminance.”
In addition, the sales and procurement departments can ask questions or explain internal legal norms thanks to Luminance’s strong workflow capabilities, which enable staff to speak with the legal division directly through a straightforward ticketing system. In the upcoming months, Koch’s legal team intends to make Luminance available to thousands more workers once it has already been implemented across several Koch enterprises.
“I am delighted to welcome Koch to the Luminance family as they join the rapidly growing number of world-leading in-house legal teams implementing Luminance’s AI into their day-to-day work. Luminance Corporate can provide value to any business, from taking a first pass review of any incoming contract to automatically flagging contractual anomalies and highlighting areas of non-compliance to be remedied. I am excited to see the added value our AI delivers for such a distinguished company,” commented Eleanor Lightbody, CEO of Luminance.
