Leading Spanish independent firm Pérez-Llorca has become the latest law firm to sign up to machine learning-backed contract review tool Luminance, just days after a similar announcement from Iberian giant Uría Menéndez.
The new technology is part of Perez-Llorca’s plans to expand its M&A practice, where Luminance will improve the efficiency of its M&A due diligence and enable lawyers to focus on higher value tasks.
Luminance, developed from Ph.D. research at Cambridge University, harnesses proprietary machine learning algorithms to sort, cluster and classify legal documents, giving lawyers fast insight into a transaction. Automatic anomaly detection pinpoints key opportunities and risks within the data room, while extensive collaboration tools streamline the process from start to finish.
“Artificial intelligence technologies like Luminance are leading the way in how due diligence and other contract review processes are being done today,” said Alejandro Osma, a real estate and energy partner at Perez-Llorca. “We see adopting Luminance as a way to strengthen our offering to clients by getting through a data room in hours rather than days.”
At the start of May, Luminance announced that Slaughter and May’s Spanish best friend Uria had signed up to its solution, improving the contract review process on multilingual projects.
Emily Foges (pictured), CEO of Luminance said today (15 May): “This is a significant client win for us, marking the third Spanish law firm to start using Luminance. Perez Llorca’s M&A team are using Luminance to examine both English and Spanish-language documents, demonstrating the totally language-agnostic nature of the technology.”
Luminance launched in September 2016 and is currently live in 12 countries, having completed over 110 client transactions globally. It has seen success in Holland and the Nordic region, with wins from leading Dutch firm Houthoff Buruma, and Nordic firms BA-HR and Roschier.