SpeedLegal vs Luminance
Disclaimer - The information provided by SpeedLegal on the website (the “Site”) is for general informational purposes only. All information is provided in good faith, however, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site. All the comparisons made here are as per the guidelines of the Federal Trade Commission.
Is Luminance right for you?
If your goal is simply to store contracts, sign existing ones, get a basic risk analysis, Luminance can do that for you.
However, if you require a more comprehensive CLM/CMS solution that allows you to review and analyze contracts, draft or edit them, or handle contracts in various languages, Luminance may not fully meet your requirements.
Let’s look at what’s missing and why should you bother -
Contract Summary - You still need to go through the entire contract line by line, every time you draft or get one to review. There’s no way to understand contracts quickly and avoid reading 20-30 pages for every contract you get.
Contract Risk Analysis- No contract is perfect, and if you sign contracts without analyzing the risks involved, it certainly won’t have a fairy tale ending. Luminance lacks the functionality to show your contract’s potential risks or red flags. Which again leaves you alone to take care of the potential risks.
So you’ll have to hire a lawyer separately to review each contract for you, despite already paying for Luminance.
Multiple Language Support - Contracting happens worldwide, and you might often need to sign contracts with parties in other countries. With no way to handle contracts in other languages, You’ll have to rely on other country’s lawyers to review your contracts, not to mention that you’ll need to store, manage and handle those contracts in a different place now.
Bulk document upload- This is a feature that might not bother you at certain points but individuals or entities dealing with more that 10 contracts at a time may find it annoying, not being able to upload a folder/drive having multiple contracts.
Editing Contracts - Once you’ve sent a contract to the other party, there’s no way to make changes to it when using Luminance. So if you end up sending a contract with any mistake or a risky clause or you need to change a term as per negotiation, you’ll have to mark that contract as void, make a copy of the contract, change it there and then send it again.
Imagine doing this every time there’s a change in the contract.
When you consider all these factors, it gets clear that Luminance at the moment is far from being called a complete CLM solution for now.
5 key differences that make SpeedLegal the perfect Luminance alternative
Contract Summary
SpeedLegal has a unique way of providing a contract summary with their feature called “Contract Nutrition label™”. This gives you an overview of the basic structure of the contract including your obligations, rights and what can be sued for details, considering both parties.
Using SpeedLegal, give you the ability to understand your contract at just a glance and you don’t have to read the contract line by line to get these key details.
Bulk document upload
SpeedLegal gives you the ability to upload folders/files with multiple documents as well as accepts single uploads. In case that you have multiple contracts you won't have to bother to upload them one by one.
Risk Analysis
Coming to risk analysis, SpeedLegal has another unique feature, called “Red Flag Table™”. The RFT compares the contract values to the prevailing market standards and shows you the potential risks in your contracts. It also shows you what it should be replaced with, and gives you the power to do that with a single click.
Multi-Language Support
No matter in which Language you get your contracts in, SpeedLegal can help you manage all of them in a single place.
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Drafting & Editing
SpeedLegal gives you the ability to draft your contracts along with the option to edit risky clauses in the existing ones. Now you don’t have to send entire contract every time there’s a change in them. You and your team can also add comments and collaborate on the platform to make the contract review process faster and smoother.
Let’s see a detailed comparison
How does SpeedLegal compare with Luminance?
Get a Complete CRM solution with SpeedLegal.
SpeedLegal users are typically able to put on autopilot their contract review and management process.Get started now for FREE!
Personalized Suggestions
Get recommendations to fix unfavorable terms and contract errors
While Luminance can help you spot deviations from originally agreed terms, SpeedLegal goes one step ahead.
SpeedLegal makes this easy. Apart from showing risks in your contract, SpeedLegal also gives you tailored suggestions based on your specific contract needs and standard set by you.
You can solve red flags in a single click, add missing criteria back on your contracts, and improve your contract to match your standards, all within the platform itself
Automated contract summary
Understand complicated contracts with short and simple summaries
SpeedLegal is built for both Lawyers and non-lawyers. So we make sure anyone can understand their contracts in a quick glance.
You get a brief and easy-to-understand overview of what the contract is about, who is accountable for what, and any relevant dates or criteria.
Ask our AI
Get quick answers to your contract-related question
SpeedLegal's 'ask our AI' feature helps you get answers in plain, easy to understand language.
You can ask questions around the clock, and you'll never have to wait for the answers.
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Multi-Language Support
Review contracts in your preferred Language
SpeedLegal supports 9+ languages, making it ideal for you to manage contracts of different regions and languages all in one platform.
This also helps you improve collaboration with international teams by allowing everyone to work in their preferred language.
Customer Stories
How Twinkly Reduced Their Contract Negotiation Time By 50%
Twinkly wanted a solution that can help them review contracts faster, organize them all in one place, and help them keep a track of important dates.
6x
Faster Identification of Key Financials
50%
Time Reduction in Contract Negotiations
$67,000+
Estimated Saved in Outside Counsel
FAQs
Frequently Asked Questions
Got questions? We’ve got the answers! If you can’t find what you are looking for, feel free to get in touch.
What is SpeedLegal?
SpeedLegal is a technological startup that uses Machine Learning technology (specifically Deep Learning, LLMs and genAI) to highlight the terms and the key risks of any contract. We analyze your documents and send you a simplified report so you can make a more informed decision before signing your name on the dotted line.
Can I skip reading entire documents?
It is up to you to decide if you’d like to read the entire documents or not. SpeedLegal highlights the important portions of the contracts, meaning you may just skim through the rest.
Is my contract reviewed by a real lawyer?
Yes, for Startup, Growth, and Enterprise users. SpeedLegal uses Deep Learning models (AI) to highlight the key provisions and identify the main risks of a contract. We also offer an additional human check on top of the AI models to give our users more assurance. The human check is currently free (during Beta).
Is SpeedLegal.io website secure?
We care about your contracts so we use the highest level of security to store and protect your contracts. Among our security protocols: Encryption SSL Certificate - SHA-256 With RSA Encryption, Firewall - Virtual Private Security groups. We encrypt our user credentials on signup and ensure they are logged in through a secure channel.
How much does it cost?
SpeedLegal is completely free for individuals (up to 3 contracts) and for underserved communities. Individuals usually sign 3 contracts per year: property rental, employment, and NDA. For more documents and extra features, we recommend having a look at our Startup, Growth, and Enterprise plans.