Australasia News
Luminance announces 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 joint venture 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, innovative firm and a leader in its market. We are delighted they have chosen to use our technology, which is further proof of the value Luminance brings to both external and in-house legal teams working on crucial projects,” 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 13 countries, having completed more than 150 transactions to date. The company was recently awarded ‘Best AI Product in Legal’ at the AI Innovation Annual Awards.
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