Luminance, the global leader for legal process automation, today announced that the legal team supporting Koch Industries, Inc. (“Koch”), has adopted Luminance’s award-winning AI to transform internal legal processes, enhancing the way multiple Koch companies interact with Legal.
The legal team for Koch, one of the largest private companies in America with over 120,000 employees globally, is using Luminance’s world-leading AI technology to augment the lifecycle of legal document processing, from contract generation and negotiation to the review and analysis of executed agreements. Luminance’s AI can read and form an understanding of any volume or type of documentation, surfacing key information and allowing users to gain an overview of the contractual landscape.
Committed to empowering its employees with cutting-edge technology, Koch’s legal team is adopting Luminance’s AI-powered tools to transform and continue to improve the way it provides legal services. Using Luminance, employees within Koch’s legal team and across the Koch companies are able to generate compliant contracts with pre-approved wording that meets both internal standards and external regulations.
In addition, Luminance’s powerful workflow tools allow employees to communicate directly with the legal department via a simple ticketing system, enabling sales and procurement teams to clarify internal legal standards or ask questions. Having already rolled-out Luminance across multiple Koch companies, Koch’s legal team now plans to make the technology available to thousands of more employees in the coming months.
Laura Pickle, CIO & Discovery Director for Koch’s legal team, commented: “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.”
She added: “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.”
Eleanor Lightbody, CEO of Luminance, said: “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.”
Luminance is trusted by over 500 organisations in 60 countries including all of the Big Four consultancy firms, over one quarter of the world’s largest law firms and in-house teams from leading organisations such as Colombian flagbearer airline, Avianca, and multinational pharmaceutical company, IDEXX Laboratories.
About Koch Industries, Inc.
Based in Wichita, Kansas, Koch Industries, Inc. is one of the largest private companies in America, with annual revenues that exceed $125 billion. It owns a diverse group of companies involved in manufacturing, agriculture, pulp and paper, packaging, consumer products, building materials, glass, automotive components, refining, renewable energy, chemicals and polymers, electronics, enterprise software, data analytics, medical products, engineered technology, project services, recycling, supply chain and logistics, global commodities trading, and investments. Since 2003, Koch companies have invested nearly $150 billion in growth and improvements. With a presence in more than 70 countries, Koch companies employ more than 120,000 people worldwide, with about half of those in the United States. For more news and information, visit www.KOCHind.com.
Luminance is the world’s most advanced AI technology for the legal processing of contracts and documents. Founded by mathematicians from the University of Cambridge, Luminance’s AI reads and forms a conceptual understanding of documents in any language. Luminance uses this understanding to augment the spectrum of legal matters, from AI-powered contract drafting, negotiation and review to investigations and eDiscovery. Luminance is trusted by over 500 customers in 60 countries, including all of the Big Four consultancy firms, a quarter of the world’s largest law firms and multinational organisations.