Swedish corporate law firm Setterwalls has selected Luminance’s artificial intelligence platform to improve the efficiency of its due diligence process in M&A transactions. The announcement marks the 18th Nordic law firm to adopt the machine learning technology.
Setterwalls is well-known for its client-focused approach and was keen to find an innovative solution to improve its due diligence process and ultimately deliver a better service across its expert areas. The firm particularly valued Luminance’s Visualise screen, which gave the deal team an immediate insight into the activity of the data room, including clause, document types, anomalies, and regional activities.
Marc Tullgren, Partner at Setterwalls, said of the announcement: “When trialling Luminance, we identified a clear opportunity within the firm to significantly reduce the amount of time spent manually reviewing documentation for M&A transactions. The power of the machine learning meant that Luminance was able to learn new Swedish concepts from day one of the pilot, whilst simultaneously exposing potential risks and anomalies within the data room. Ultimately, Luminance means we can get to the higher-value work faster and deliver a better service to our clients.”
“As one of the leading law firms, we are always searching for innovative solutions to maintain our market-leading position,” added Philippa von Seth, Head of Knowledge Management at Setterwalls. “Luminance’s AI platform is incredibly easy-to-use and intuitive, and we are excited to see the efficiencies that the technology can deliver across the firm.”
“We are thrilled to be working with forward-thinking firms like Setterwalls, who embrace new-era technologies and have the vision of using artificial intelligence to augment their work,” said Emily Foges, CEO of Luminance. “Our huge success across the Nordic region is further testament to the power of Luminance’s machine learning technology and its transformational approach to legal contract review.”
Luminance automatically reads, compares and analyses the contents of a large data room, giving lawyers an instant view of the size and complexity of the transaction. Its unique ability to spot anomalies and unusual clauses can highlight documents of potential concern, giving lawyers the ability to prioritise their work more effectively.
Developed by mathematicians from Cambridge University and refined in collaboration with some of the world’s best lawyers, Luminance has over 75 customers in 23 countries since launching in September 2016, including ten of The Global 100 law firms. The technology is also in use by leading Nordic law firms BA-HR, Gernandt & Danielsson, and Bech-Bruun.
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