Finnish law firm Castrén & Snellman has adopted Luminance’s market leading AI technology to enhance its due diligence processes for real estate, employment, and M&A transactions.
Castrén & Snellman, which is the oldest law firm in Finland, selected Luminance after a competitive bid and two-week pilot of the technology using both English and Finnish documents. The firm was attracted to Luminance’s technology, holistic platform and time-saving potential.
Paula Aura, Knowledge Manager at Castrén & Snellman said: “Luminance will be used for M&A due diligence and real estate transaction deals, as well as to support employment reviews. We have started to teach the technology to identify legal provisions in Finnish and can already see the advantages: time-saving in document review work and producing automated reports for real estate transactions, for example. Luminance allows us to work with significantly more context, giving us insight into the entire transaction and allowing us to prepare much earlier for any unusual findings during the due diligence process.”
Emily Foges, CEO of Luminance added, “We are thrilled to welcome Castrén & Snellman to our growing portfolio of Nordic law firms. The flexibility of Luminance’s Diligence and Property modules means that the firm can continue to deliver an exceptional service across multiple practice areas.”
Developed by mathematicians from the University of Cambridge, Luminance harnesses proprietary machine learning algorithms to read and understand legal documents in a similar way to humans, coping with volumes and working at speeds that no human can match. Trained by legal experts, Luminance can highlight anomalies within large groups of documents, allowing lawyers to prioritise their work more effectively, using the insight presented to them on day one of a transaction.
Since launching in September 2016, Luminance has over 100 customers in 30 countries and five continents, including eleven of The Global 100 law firms. The company was recently awarded “Best AI Start-Up” at the prestigious AIconics awards held at Kensington Palace.
Copyright © 2019 Legal IT Professionals. All Rights Reserved.