Continental Europe News
Danish firm Holst has adopted Luminance’s artificial intelligence technology to transform its M&A due diligence processes. Holst, a full-service law firm encompassing the legal competencies required by large and small clients, adopted Luminance’s technology following an initial demonstration of the platform.
The firm will benefit from Luminance’s language agnostic technology, which can recognise legal concepts in any language, learning from the interaction from the lawyer and the contract to build an understanding of Danish clause and document types over time.
“As a constantly developing law firm, we are aware of the pivotal role technology and innovation will play in the future of legal services,” said Jakob Schmidt, Partner at Holst. “Luminance is a brilliant AI tool that will enable our lawyers to streamline the M&A due diligence processes, getting to the important work of analysis much faster. The platform’s ability to recognise legal concepts in any language is truly revolutionary in the legal technology market and we are looking forward to seeing the difference it will make to our M&A practice.”
“We are pleased to welcome Holst to the roster of law firms using Luminance for M&A due diligence,” said Emily Foges, Luminance CEO. “The firm’s adoption of Luminance is testament to the flexibility of the technology and its ability to streamline contract review processes for any size firm.”
Luminance harnesses the latest advances in machine learning technology, developed at the University of Cambridge, to automatically sort, cluster and classify large volumes of legal documents. The system enables faster and more accurate review, giving lawyers an instant visual insight into the contents of an M&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.
Luminance has over 100 customers in 35 countries and five continents since launching in September 2016, including eleven of The Global 100 law firms. The company was recently awarded ‘Startup Tech Company of the Year’ at the Prestigious National Technology Awards 2018.
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