LG Chem becomes first Korean company to adopt Luminance Corporate

Luminance announced today (20 February) that LG Chem has become the first Korean company to adopt its contract negotiation and management product, Luminance Corporate.

LG Chem is one of the largest science and chemical companies in the world, with 50,000 patents, 20,000 employees and 58 locations worldwide. The company, which is headquartered in Seoul, has been dealing with high volumes of contracts – including sales agreements and non-disclosure agreements – which require quick turnaround times.

After analysis of the market, we’re told that LG Chem chose Luminance for its ability to expedite every stage of the contract lifecycle. For instance, the company now utilises Luminance’s Traffic Light Analysis functionality which acts like a legal “spellchecker”, automatically highlighting risky or non-standard clauses in any incoming contract. This has allowed the legal team to significantly reduce the time spent negotiating documents such as supply and purchase agreements, instead focusing on business-critical areas of the contract. Where proposed clauses are not compliant with LG Chem’s internal standards, Luminance suggests fallback language. LG Chem estimates that using Luminance, the team has achieved at least 30% reduction on average time spent on a single contract.

LG Chem has also been using Luminance’s award-winning chatbot, Ask Lumi, which allows the legal team to open a contract in Word and receive instant responses to any question in any language, including Korean. The team can also ‘Ask Lumi’ to redraft clauses or draft an executive summary of a contract.

Sue Yang, vice president and head of department of LG Chem’s global legal department, said: “Luminance helps us drive efficiency across the entire business. By automating the routine yet time-consuming tasks associated with contract generation and negotiation, our legal team is empowered to focus their time on high-value work that will maximise revenue generation and provide business-wide value. With Luminance, our legal team now has a partner in our growth journey.”