Roschier deploying Luminance’s contract analysis technology for due diligence
Leading Nordic law firm Roschier is using Luminance’s artificial intelligence technology to improve the efficiency of due diligence in M&A transactions, ensuring that lawyers can focus on higher-value tasks.
Luminance, founded by mathematicians from the University of Cambridge, uses machine learning technology to speed up contract review processes without sacrificing accuracy. Proprietary algorithms automatically read and understand legal documents, giving lawyers a fast insight into the overall contents of a data room, presented in an intuitive interface with a visualisation dashboard. Luminance’s advanced anomaly detection highlights even subtle differences between contracts so that M&A teams can effectively prioritise their work, focusing on the most concerning or risky documents.
Roschier are currently piloting Luminance on a live M&A project with a team that spans the firm’s Helsinki and Stockholm offices. The two offices can work closer than ever before, as Luminance enables real-time collaboration and project management in addition to its powerful AI technology. The firm conducts a large number of transactions per year and expects Luminance to add significant value to their practice, enabling lawyers to save time and focus on higher-value work.
“We see many benefits arising from the use of artificial intelligence in our business, one of them being efficiency in document review, for example in M&A transactions,” said Tero Jormanaine, the Roschier partner who is overseeing the project. “It also increases the meaningfulness of the lawyers' work by cutting down the quantity of administrative work. We see ourselves as a forerunner in many areas and introducing AI-based solutions is a natural step in developing our services. Going forward, the aim is of course to demonstrate direct benefits also to our clients."
“We are excited to be working with another leading Nordic law firm, and look forward to assisting Roschier in rolling out Luminance to litigation and evidence due diligence projects in the very near future,” said Emily Foges, Luminance CEO.
Luminance launched in September 2016 and recently announced that BA-HR, one of Norway’s top law firms, has successfully completed four transactions using the Luminance system.