South KoreaChemicals and materials2024 – ongoingLG Chem
AI contract review and summaries
LG Chem reduced average contract review time by at least 30%, according to Luminance
Problem
LG Chem's legal team handled large volumes of contracts that required quick turnaround. Reviewers also needed consistent language across agreements.
Approach
The team adopted Luminance Corporate to flag risky clauses and suggest alternatives drawn from its internal contracting standards. Lawyers used Ask Lumi within Word to answer questions in Korean and draft contract summaries.
Results
Takeaway
The system drew on LG Chem's existing contract positions, while lawyers retained responsibility for negotiations.
Categories
- Size
- Large enterprise
- Industry
- Chemicals and materials
- Business function
- Finance, risk and legal
- Innovation type
- Process innovation
- AI technology
- Generative AI
- Adoption
- Vendor solution
- Evidence
- Vendor case study
Sources
Source summaries
Luminance reported that LG Chem deployed its contract AI across legal review and negotiation. It attributed average time savings of at least 30% per contract to the deployment.
Full details are in the original sources.