Top-tier Danish law firm Bech-Bruun has adopted Luminance’s artificial intelligence technology to enhance its due diligence processes for M&A transactions. This is another major win for Luminance, the fast-growing AI platform that already counts the UK’s Slaughter and May and Spain’s Uría Menéndez as clients.
Bech-Bruun will benefit from the technology’s ability to understand documents in any language much faster than humans can, freeing up its expert lawyers to spend more time on evaluation. Lawyers will be able to advise their clients on key negotiation points that might never surface in standard data room reviews.
“In using Luminance to examine documents in both Danish and English, we have found the technology makes our current processes even more efficient, eliminating large amounts of administrative work and ensuring we can focus on key documents faster. Luminance is already assisting us with the high volumes of M&A we conduct, and we look forward to rolling the system out to wider use across the firm.” said Christian Ejvin Andersen, CEO at Bech-Bruun.
Luminance harnesses the latest advances in machine learning technology, developed at the University of Cambridge, to automatically sort, cluster and classify large volumes of legal documents. The system enables faster and more accurate review, giving lawyers an instant visual insight into the contents of an M&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.
“Bech-Bruun is well-known as a modern, international firm with a technological focus, and we are excited to welcome them as a client. Our successful deployment in another European country underlines the benefits Luminance can bring to law firms working in any language.” said Emily Foges, CEO of Luminance.
Luminance launched in September 2016 and has customers on five continents, having completed more than 150 transactions to date. The company was recently awarded ‘Best AI Product in Legal’ at the AI Innovation Annual Awards.