Swedish law firm MAQS Advokatbyrå has deployed Luminance’s artificial intelligence (AI) technology, transforming its M&A department by streamlining the due diligence process.
The firm’s decision confirms its reputation as the one of the most modern law firms in Sweden and its commitment to working proactively with new technology.
MAQS began a pilot period with Luminance in early September, during which it trialled the AI platform on one of its past transactions. Once MAQS had uploaded an extensive set of Swedish documents, Luminance immediately began to organise the data set. Using Luminance, MAQS was able to complete what was originally a week-long manual organisation process in two hours. As a result, MAQS chose to permanently adopt Luminance’s platform.
“MAQS has been interested in AI for quite some time and we have been looking to implement a solution to transform our M&A due diligence process and enhance our work in general,” said Johan Engström, Partner at MAQS. “We are dedicated to providing our clients with the most efficient and high-quality service we can and our partnership with Luminance will enable us to continue doing that.
“We love the collaborative aspect of the technology. It is very easy to use and allows us to designate work flow to specific lawyers or teams and create a tight feedback loop between all sides of a transaction. Moreover, its ability to carry out data reviews at such high speed is invaluable to us.”
“We are delighted to be working with innovative, forward-thinking firms such as MAQS. The firm’s partners recognize that we have embarked on a new era and that the cognitive revolution has well and truly entered the legal market,” said Emily Foges, CEO of Luminance. “Artificial intelligence will be crucial to maintaining competitive advantage and MAQS’s adoption of Luminance will allow the firm to continue delivering the highest-quality legal services to its client base.”
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