What happens when AI negotiates with AI?

Key Takeaways:

– AI technology can automate the negotiation of contracts, saving time and reducing manual work for lawyers.
– AI can act as a “co-pilot” during the negotiation process, flagging areas of risk in contracts based on previous agreements.
– AI can be used to autonomously negotiate contracts by pitting one AI against another, removing the human element.
– Luminance demonstrated the world’s first automation of a contract negotiation without human involvement using their AI platform.
– General-purpose AI models may not be suitable for industries with specific requirements, such as law and healthcare.
– Specialist AI platforms tailored to specific industries can deliver on promises of productivity and efficiency.
– Specialist AI can automate tasks such as searching for specific language in contracts, saving legal professionals time.
– AI frees up legal professionals to focus on more creative and valuable work, such as exploring M&A opportunities.
– Businesses should invest in AI tools that target specific pain points and inefficiencies in their workflows.
– This vision of a co-piloted future with AI delivers a competitive advantage.

TechRadar:

Imagine a tool that could completely automate the negotiation of a contract – no lengthy reviews, no manual redlining, and no tedious back-and-forth with counterparties. It certainly sounds like something that could benefit the 80% of in-house lawyers who find that manual work detracts from time spent working towards wider business goals. Time is a rare luxury for lawyers, but AI could be the key to reclaiming the countless hours currently drained by day-to-day legal work.

In the past few years, AI has reached a level of sophistication that enables it to act as a “co-pilot” during the negotiation process, learning from a business’ previous agreements to flag areas of risk in a contract. The ability of AI to work alongside human professionals is something that’s being reflected across all industries, with Rishi Sunak commenting at the recent AI Safety Summit that he envisions society coming to see AI as a ‘co-pilot’ in many jobs.

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AI Eclipse TLDR:

AI has advanced to the point where it can completely automate the negotiation of contracts, eliminating the need for manual work and saving time for in-house lawyers. AI can act as a “co-pilot” during the negotiation process, flagging areas of risk in a contract based on previous agreements. Luminance, a legal AI platform, recently demonstrated the world’s first automation of a contract negotiation without human involvement. Two instances of the platform were set up between two companies, and AI on each side automatically reviewed and amended a Non-Disclosure Agreement. This automation can be achieved by specialist AI platforms that understand the specific language of contract law, making them more accurate and useful than generalist AI tools. Automating tasks like contract review and amendment can free up legal professionals to focus on more creative and valuable work, ultimately delivering a competitive advantage for businesses.