Araoz & Rueda selects Luminance’s artificial intelligence technology for M&A

Continental Europe News

20
Dec
2017

Editor

Leading independent Spanish law firm Araoz & Rueda has deployed Luminance’s artificial intelligence technology to enhance its due diligence processes for M&A transactions.

The firm has a consolidated corporate and commercial practice and particular expertise and market recognition in M&A and Private Equity. Araoz & Rueda will use Luminance’s advanced machine learning technology to focus on maintaining the highest quality and service. The firm has rejected technology solutions in the past, and its adoption of Luminance is a clear endorsement of the platform’s flexibility and benefits. The platform removes the burden of low-level cognitive tasks so lawyers can focus on delivering both the highest quality and best value results to their clients.

“Luminance will help us maintain the high standards our clients expect in corporate and commercial transactions,” said Pedro Rueda, Partner and head of Araoz & Rueda’s M&A team. “By saving time in the due diligence review, we can focus on quality and service”.

Araoz & Rueda selected Luminance after completing a successful pilot of the technology, which allowed its corporate team to review large numbers of contracts in an M&A transaction. Luminance’s effectiveness was evident as the firm tested Luminance versus manual review methods on two projects and saw efficiency savings of up to 100%. The firm selected Luminance due to its ability to quickly understand and prioritise a data room by pinpointing key areas of potential interest, allowing them to deliver the hightest-quality results. The benefits of Luminance mean the firm is now exploring further use cases for the technology in other areas of practice.

Luminance’s reporting capabilities and built-in project management tools helped to streamline the overall review process. Araoz & Rueda in particular benefitted from Luminance’s easy VDR integration. All files were uploaded directly from Dropbox. Luminance has been designed to ensure legal teams can confidently spend their time advising clients, not administering a project. Firms can make better use of their time and dramatically increase productivity.

Pedro Rueda agreed that “We particularly like how quickly the technology adapted to the Spanish language, picking up unusual clauses and contracts without any instruction.” As Luminance recognises patterns in any language rather than identifying keywords, the system can automatically tag Spanish concepts without training. Most major law firms in Madrid are now using Luminance, including Uria Menendez and Perez-Llorca.