The possibilities and perils of legal sector AI adoption – Eleanor Lightbody, CEO, Luminance

UKTN | The Podcast

UKTN

Technology, Entrepreneur, Tech, Business, Hr, Sales, Uktech, Investing, Funding, Entrepreneurship, Marketing

5 • 6 Ratings

🗓️ 29 July 2024

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Eleanor Lightbody, CEO of Luminance, discusses the risks of businesses using ChatGPT, the importance of using the right AI model for the task at hand, and the need for flexible AI regulation that caters to different sectors.

Founded by AI experts from the University of Cambridge in 2015, Luminance is an AI platform for lawyers. Built on a proprietary legal large language model, its AI reads and forms a conceptual understanding of legal documents in any language. From this, it enhances and expedites different tasks such as taking a first-pass review of any incoming contract to automatically flagging contractual anomalies. Lightbody joined the firm in 2021 after a six-year period at cyber-AI company, Darktrace. Luminance secured $40m in Series B funding in April 2024, with its backers including Californian investor March Capital, National Grid Partners and Slaughter and May. Luminance says its technology is used by 600 organisations across 70 countries.

Transcript

Click on a timestamp to play from that location

0:00.0	I suppose you can think of it much like a lawyer and a lawyer that has gone through legal school and it's been trained for years and it's been trained
0:14.0	whilst it's been exposed to millions and millions of documents.
0:17.0	That's inevitable that you're going to have businesses in the future who are allowing for AI to do the both of the negotiation, if not all of the negotiation.
0:26.6	Some of the best AI minds are the ones who are a five-man band who just started up their own business.
0:34.6	They need to be included in the conversation.
0:45.4	From the first time founders to the funds that back them, innovation needs different.
0:51.9	Our episode partner, HSBC Innovation Banking, is proud to accelerate growth for tech and life science businesses, creating meaningful connections
0:54.9	and opening up a world of opportunity for entrepreneurs and investors alike.
1:00.2	Discover more at www.h.hsbc InnovationBanking.com slash EM dashGB.GB.
1:11.7	Hello and welcome to the UKTM podcast, a weekly chat with the movers and shakers of the
1:16.7	UK tech industry and the destination for all things UK tech related.
1:21.4	I am your host, Jane Wakefield, and joining me this week is Eleanor Lightbody, the CEO of
1:26.3	Luminance, a generative AI firm working
1:29.0	in the legal sphere. Welcome, Eleanor.
1:31.5	Hi, Jane. Thank you so much for having me on.
1:34.0	Now first up, let's just talk a little bit about what it is that Luminance does and who uses
1:37.9	it.
1:38.9	Absolutely.
1:39.9	So look, Jane, as we sit here today, there are people in and on floors in buildings in every corner of this world who are
1:46.7	receiving contracts, they are reviewing them, they're processing them, and they're deciding
1:50.8	what to do with them. Now, as that stands, that's very time-consuming, it can be quite repetitive,
1:56.7	it can be prone to human error, and it can be very very costly and it can also actually induce a lot of
	...

Transcript will be available on the free plan in -241 days. Upgrade to see the full transcript now.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from UKTN, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of UKTN and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.