Luminance, the legaltech company based in Cambridge, has formed a partnership with LHV Bank. LHV, part of Estonia’s LHV Group and a key financial service provider for UK customers and European fintechs, will implement Luminance’s AI platform to enhance contract review, negotiation, and management.
LHV’s legal team has been challenged by increasing demands due to the bank’s expansion, especially with managing repetitive, low-value contracts within tight deadlines.
“We’re excited about the future of AI in legal operations and believe tools like Luminance are essential for forward-thinking institutions,” said Olivia Miller, trainee solicitor at LHV. This partnership aligns with the company’s broader goals for digital transformation and innovation.
Luminance’s technology highlights key clauses, identifies risks, and speeds up turnaround times. LHV anticipates that the AI will reduce review times by at least 50% for high-volume documents like NDAs and cut down complex contract analysis from days to under an hour.
This shift will allow LHV’s legal team to move away from time-consuming manual reviews and focus on strategic legal tasks, improving consistency and accuracy to lower legal risks and ensure compliance in LHV’s expanding operations.
The system will also support an overall operational upgrade, including a centralized document repository, an organized ticketing system, and an analytics component for monitoring contract lifecycles.
The release mentions that faster negotiation speeds up client onboarding for Relationship Managers, while Product teams face fewer delays during contract negotiations. Additionally, the executive team gains clear visibility into legal activities, aiding in swift, informed executive decision-making.
Eleanor Lightbody, CEO of Luminance, commented, “We’re thrilled to welcome LHV into the Luminance family as they continue their impressive digital transformation journey. This partnership underscores our shared vision of leveraging cutting-edge AI to drive innovation and efficiency across the legal sphere.”
The partnership reflects a growing trend of financial institutions utilizing AI to modernize back-office functions such as compliance, risk, and legal operations. As regulatory pressures increase along with complex partner ecosystems and rising digital transactions, legal processes have become a priority for transformation.
Developed by AI researchers from the University of Cambridge, Luminance is currently used by 700 organizations in 70 countries.