Finnish law firm TRUST. has taken the lead among Finland’s legal profession by deploying Luminance’s cutting-edge artificial intelligence technology to streamline due diligence processes for its M&A transactions.
TRUST. was keen to incorporate Luminance into its M&A department as soon as possible, in order to benefit from the technology’s ability to understand and analyse large volumes of contracts and other documents in any language. Deployment into the boutique law firm will allow TRUST. to maintain its leadership among peers.
“At TRUST. we are always looking to integrate the latest, most innovative technologies into our systems,” said Jan Lindberg, Partner at TRUST. Mika Lehtimäki, Partner, added that “Luminance’s technology is forward-thinking and effective. It allows us to focus more of our time and efforts into our client relations and make sure we provide our services in the most efficient way. The technology is invaluable to us and has certainly transformed our M&A department and financing transactions.”
Luminance is a new class of artificial intelligence technology transforming the approach to legal contract review. Founded as a result of close collaboration between University of Cambridge mathematicians and legal experts, Luminance harnesses breakthroughs in machine learning and probabilistic mathematics to vastly improve the efficiency and effectiveness of due diligence.
After sorting, clustering and filtering the contents of a data room, the technology can detect subtle but potentially significant differences between contracts. These key issues are highlighted at the earliest possible stage of a transaction via Luminance’s intuitive interface, allowing TRUST. to provide its clients with a detailed understanding and, therefore, a better negotiating position at the outset.
“We are excited to be working with pioneering firms like TRUST., which embrace new technologies and have the vision of using artificial intelligence to augment their work,” said Emily Foges, CEO of Luminance. “As a leader in the Scandinavian legal market, TRUST. is a forerunner in demonstrating the value of Luminance in the region.”
Luminance launched in September 2016 and has customers in 15 countries, having completed more than 150 transactions to date. The company was recently awarded ‘Best AI Product in Legal’ at the AI Innovation Annual Awards.
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