Top tier Norwegian law firm Wikborg Rein has adopted Luminance, the leading artificial intelligence platform for the legal profession. The announcement follows a successful pilot of the technology where the law firm directly compared the manual findings of a live due diligence review against those enabled by Luminance.
Wikborg Rein, which has particular expertise and market recognition in corporate M&A, banking and finance, selected Luminance due to its ability to seamlessly augment the work of its lawyers. In particular, the firm valued Luminance’s ability to learn from the interaction between the lawyer and the contract, which allowed the team to build up a custom bank of legal concepts and identify a missing clause within the documents.
“As an international law firm with offices across Europe and the Asia Pacific region, it was important for us to find a truly flexible, language agnostic solution for our contract review needs. From day one of the live transaction, it was evident that Luminance enabled faster identification of important or anomalous documents, meaning that the team could very quickly focus their review on the key legal issues,” says Mette Ahlquist, CIO at Wikborg Rein.
“At Wikborg Rein, we recognise the benefits of adopting artificial intelligence to enhance our due diligence processes,” adds Kaare Christian Tapper, head of the corporate department at Wikborg Rein. He points out that Luminance’s plug and play technology was excellent at structuring the data room and organising workflow in order to speed up the lawyers’ review.
“Over the past 18 months, we have seen Nordic firms truly embrace innovation in the legal sector, and we are delighted to welcome Wikborg Rein to the growing list of firms using Luminance for M&A due diligence,” states Emily Foges, CEO of Luminance. “The firm found significant time savings compared to typical manual methods on a live transaction, demonstrating Luminance’s ability to seamlessly augment this process,” she concludes.
Luminance applies the latest advances in machine learning technology, developed by mathematicians from Cambridge University, to read and understand legal documents in a similar way to humans, coping with volumes and working at speeds that no human can match. The company has over 75 customers in 23 countries across five continents since launching in September 2016.
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