Jalsovszky has deployed Luminance’s artificial intelligence technology to streamline the M&A due diligence processes at the Hungarian firm. Jalsovszky selected Luminance following an initial demonstration of the technology which was particularly suited to their expertise in M&A, tax, and corporate finance.
The firm will benefit from Luminance’s sophisticated machine learning algorithms, which provide an immediate and holistic overview of any body of documents, by finding patterns in the language and identifying anomalies without instruction. As Jalsovszky will analyse more Hungarian documents within Luminance, the platform will learn by example to recognise Hungarian clauses and document types, seamlessly building a custom clause bank over time.
“Jalsovszky is committed to providing first-rate legal services and finding innovative solutions to enhance the client experience,” said Pál Jalsovszky, Partner at Jalsovszky. “By using Luminance, we can understand a large volume of documents and pinpoint the areas of concern in a matter of hours, a process that would typically take days or weeks through manual methods. We are excited to explore further uses of the technology across our practice areas”
“Jalsovszky joins a growing number of law firms proactively harnessing the power of artificial intelligence to transform their M&A due diligence processes,” added Luminance CEO Emily Foges. “As our first Hungarian customer we are particularly excited to see how the language agnostic technology can augment the work of Jalsovszky’s legal teams working on multi-lingual transactions.”
Luminance harnesses the latest advances in machine learning technology, developed at the University of Cambridge, to automatically sort, cluster and classify large volumes of legal documents. The system enables faster and more accurate review, giving lawyers an instant visual insight into the contents of an M&A data room. Uniquely, Luminance detects subtle but potentially significant differences between contracts so that key issues can be highlighted at the earliest possible stage of a transaction.
Luminance has over 100 customers in 35 countries since launching in September 2016, including over 10% of The Global 100 law firms. The company was recently awarded ‘Startup Tech Company of the Year’ at the Prestigious National Technology Awards 2018.
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