Corrs adopts Luminance’s artificial intelligence technology
Luminance announced that it has started working with Australia’s leading independent law firm, Corrs Chambers Westgarth. Corrs is initially deploying Luminance’s artificial intelligence technology to streamline due diligence processes for M&A transactions.
Corrs adopted Luminance after successfully completing a pilot of the technology within their M&A department, which has a strong track record of successfully advising on high-profile international transactions. The firm expects to use Luminance’s language-agnostic technology to assist them in advising on deals both in Australia and significant markets abroad, such as the US, China and India.
“Corrs is committed to providing our clients with solutions that improve efficiency, add value and enhance experience,” said Robert Regan, Corrs Sydney Partner-in-charge. “Having already launched our own JV last year specialising in AI technology for contract review, we are delighted to be able to extend our AI offering to include due diligence processes by partnering with Luminance. Luminance’s premium technology complements our existing AI platforms perfectly, assisting us to deliver greater efficiencies and outcomes for our clients.”
Luminance’s advanced machine learning algorithms will assist Corrs’ lawyers in understanding large volumes of documentation by sorting, clustering and filtering the contents of a data room. Uniquely, Luminance detects subtle but potentially significant differences between contracts so that key issues can be highlighted at the earliest possible stage of a transaction, offering clients a better negotiating position from the outset. Luminance’s intuitive interface and built-in collaboration tools will free up lawyers to spend more time on evaluation and delivering value to clients.
“Corrs is a forward-thinking and innovative firm and we are delighted they have chosen to use our technology,” said Emily Foges, CEO of Luminance. “Our successful deployment in Australia demonstrates the benefits Luminance can bring to firms around the world.”
Luminance launched in September 2016 and has customers in 12 countries, having completed more than 120 transactions to date. The company was recently awarded ‘Best AI Product in Legal’ at the AI Innovation Annual Awards.
ENDS
For more information about Luminance, please contact:
Brunswick Group: +44 (0) 20 7404 5959
About Luminance
Luminance is an artificial intelligence platform for lawyers which uses machine learning to read and analyse contracts and other documents much like a human does, thus improving the efficiency of processes such as due diligence. Deploying some of the latest breakthroughs in pattern recognition and machine intelligence from the University of Cambridge, and trained by legal experts, Luminance understands and can highlight anomalies among large groups of documents so that lawyers can prioritise their work. The company is backed by Invoke Capital, an investment fund dedicated to unlocking the potential of European technology.
About Corrs Chambers Westgarth
Corrs Chambers Westgarth is Australia’s leading independent law firm, recognised for its innovation, quality advice and client-driven approach. Voted as the number one law firm in both Australia and the APAC in the 2016 Legal 500 Client Intelligence Report, Corrs is consistently acknowledged for its world class service and results. With offices in Melbourne, Sydney, Brisbane and Perth, Corrs is the most globally connected law firm based in Australia, with extensive partnering networks throughout the world. In an increasingly globalised, hyper-connected world, Corrs assists its clients by focusing on their needs – both anticipated and unanticipated, now and in the future.