LG Chem's AI Transformation in Legal Processes

This case study outlines how LG Chem, a global chemical company, is transforming its legal processes through the adoption of artificial intelligence (AI). The legal team, led by Vice President Sue Yang, has proactively engaged with the legal technology market for three years, aiming to enhance efficiency and support business growth. Following the release of ChatGPT, the team conducted extensive research to identify suitable AI vendors, ultimately selecting Luminance as their partner. The implementation of Luminance's AI technology has enabled the legal team to automate contract reviews, significantly reducing turnaround times by at least 30%. The AI system, equipped with a custom 'Knowledge Bank' tailored to LG Chem's contracts, facilitates the review of standard agreements such as NDAs and provides instant summaries through the legal chatbot, Ask Lumi. This initiative not only streamlines the contract review process but also ensures consistency and aids in training new team members, positioning LG Chem as a leader in AI adoption within the legal sector.