Lawyers are becoming a thing of the past, as an AI successfully negotiated a contract without human intervention in the two opposing parties.
The contract was negotiated between two AIs in a live demonstration by the UK company Luminance. There were no real stakes involved and it was a simulation, but it was an important milestone, as it was the first complete contract negotiation using only AI.
The company used a legal Large Language Model (LLM) trained with more than 150 million legal documents to act as a specialized lawyer.
These LLMs models are specific instead of general, like chat GPT. This is one of the most recent achievements of AI, and in the future, more specific AIs could help more people in certain areas of knowledge.
For example, Luminance’s AI is not meant to replace people, but instead helping them in the process of reviewing legal documents, helping lawyers to save precious time. According to Jaeger Glucina, chief of staff and managing director of Luminance, the AI “handles the day-to-day negotiations, freeing up lawyers to use their creativity where it counts, and not be bogged down in this type of work.”
According to Luminance, its Autopilot AI can “read a contract, remediate areas of risk and respond to any changes made by the counterpart’s AI.” However, it is unable to sign the document, so a human must sign it.