Australasia News
Luminance announces that it has started working with top Singaporean law firm WongPartnership LLP. WongPartnership has taken the lead in Singapore in adopting artificial intelligence (AI) to enhance its due diligence processes for merger & acquisition (M&A) transactions.
It is part of WongPartnership’s strategy to leverage technology to optimise legal services for its clients. The firm is the first Asian client win for fast-growing, London-based Luminance.
WongPartnership intends to deploy the technology to support its M&A practice, which is actively engaged in numerous transactions in Singapore (and across ASEAN and the Middle East). The firm, a recipient of the inaugural Financial Times' ‘Most Innovative ASEAN Law Firm’ award, was recently named the ‘South East Asia Deal Firm of the Year’ by Asian Legal Business. WongPartnership selected Luminance due to its intuitive and easy-to-use interface and unique anomaly detection capability. Luminance’s ability to detect patterns across large volumes of contracts ensures that the lawyers can focus their review on key documents from the outset.
“Our firm is embracing innovative legal technology to deliver greater efficiency in managing M&A transactions for our clients. Technology is changing the way law is practiced and as such technological innovation must be a cornerstone of our firm’s future growth. We are delighted to partner a company whose AI technology is setting the global market standard.” said Ng Wai King, Managing Partner at WongPartnership. “Luminance’s solution will enhance our lawyers’ ability to conduct due diligence and other contract review processes more effectively and efficiently.”
Luminance uses advanced machine learning techniques to automatically sort, cluster and classify a data room, pinpointing even subtle differences between contracts so that hidden risks can be uncovered early on in a transaction. The company launched in September 2016 and has customers on five continents, having completed more than 150 transactions to date.
“WongPartnership understands the need for innovation, and we are excited to welcome them as the first Singapore (and Asian) law firm to adopt our technology. We are delighted to be working with a firm that recognises the importance of deploying artificial intelligence in a busy M&A practice.” said Emily Foges, CEO of Luminance.
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