Continental Europe News
Leading Nordic law firm Roschier is using Luminance’s artificial intelligence technology to improve the efficiency of its due diligence in M&A transactions. Luminance, founded by mathematicians from the University of Cambridge, uses machine learning technology to automatically read and understand the contents of a data room.
Proprietary algorithms sort, cluster and classify legal documents, giving lawyers rapid insight into the overall contents of a data room, presented in an intuitive interface with a visualisation dashboard. Luminance’s advanced anomaly detection highlights even subtle differences between contracts so that M&A teams can effectively prioritise their work, focusing on the most concerning or risky documents.
Roschier is currently piloting Luminance in an M&A project involving a team that spans the firm’s Helsinki and Stockholm offices. Luminance enables increased and real-time collaboration between the two offices and project management, in addition to its powerful AI technology. Roschier conducts a large number of transactions and expects Luminance to add significant value to its usual review processes.
“We see many benefits arising from the use of artificial intelligence in our business, one of them being efficiency in document reviews, for example in M&A transactions,” said Tero Jormanainen, the Roschier partner who is overseeing the project. “It also increases the relevance of the lawyers' work by reducing the quantity of administrative work. We see ourselves as a forerunner in many areas and introducing AI-based solutions is a natural step in developing our services. Going forward, the aim is of course to demonstrate direct benefits to our clients as well."
“We are excited to be working with another leading Nordic law firm, and look forward to assisting Roschier in rolling out Luminance to litigation and evidence due diligence projects in the very near future,” said Emily Foges, Luminance's CEO.
Luminance launched in September 2016 and recently announced that BA-HR, one of Norway’s top law firms, has successfully completed four transactions using the Luminance system.
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