Legal IT Newswire: 3 July 2017 – Leading Australian law firm Gilbert + Tobin 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.
Gilbert + Tobin, recently named the most innovative law firm in the Asia-Pacific region by the Financial Times at the Innovative Lawyers Awards, will benefit from the technology’s language-agnostic ability to understand the contents of a data room 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 potential risks that might never surface in standard data room reviews, which necessarily rely on sampling documentation.
Luminance harnesses the latest advances in machine learning technology, developed at the University of Cambridge, to automatically sort, cluster and classify large volumes of documents and highlight areas of risk. The system enables a faster and more accurate review, giving lawyers an instant visual insight into 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.
“Gilbert + Tobin is committed to embracing innovative technologies that enhance our ability to meet client needs in a cost-efficient manner,” said Sam Nickless, COO and Partner at Gilbert + Tobin. “We are excited to be using Luminance, a best of breed AI technology. Amongst other potential applications, Luminance will become a part of our M&A due diligence process, providing rapid insights into documentation that historically took days or weeks to uncover.”
“Gilbert + Tobin is known for its innovative spirit and we are excited to welcome the firm as our first Australian client. Luminance’s machine learning technology will assist their lawyers in working on many of Australia’s largest and most complex M&A deals.” said Emily Foges, CEO of Luminance.
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.
For more information about Luminance, please contact:
Brunswick Group: +44 (0) 20 7404 5959
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 Gilbert + Tobin
Gilbert + Tobin is a leading independent corporate law firm and a key player in the Australian legal market. From its Sydney, Melbourne and Perth offices, the firm provides innovative, relevant and commercial legal solutions to major corporate and government clients across Australia and internationally, particularly in the Asia-Pacific region. Established in 1988, Gilbert + Tobin employs more than 500 professionals.