Continental Europe News
Full-service law firm SNP Schlawien has adopted Luminance’s leading artificial intelligence platform to enhance its due diligence processes for M&A transactions. The announcement marks the first German law firm to publicly adopt Luminance Diligence.
With over 80 lawyers nationwide and seven offices situated across the country, SNP Schlawien is one of the leading law firms in Germany. The firm adopted Luminance Diligence following an initial demonstration of the technology, having been impressed by the platform’s ability to automatically analyse the contents of a data room to give lawyers an instant view of the size and complexity of a transaction.
“At SNP Schlawien, providing first-rate legal services and advice to our clients is our priority, and Luminance truly enhances our ability to do so,” said Dr. Christian Ostermaier, Partner at SNP Schlawien. “We have been looking for a technological solution to the often time-consuming task of M&A due diligence for some time. What made Luminance Diligence a clear choice for our firm was its ability to very quickly learn and understand legal concepts in English and German, which will prove invaluable during time-pressured transactions.”
“We are delighted to welcome our first German customer to publicly use Luminance Diligence for its M&A transactions,” added Emily Foges, Luminance CEO. “Expanding into another European country and language demonstrates that the technology can add value to the work of legal teams in any jurisdiction.”
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 across six continents since launching in September 2016, including over 10% 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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