Sorainen has adopted Luminance’s artificial intelligence technology to streamline the M&A due diligence processes at the top-tier law firm.
Sorainen, which was named ‘European Law Firm of the Year’ and ‘Baltic Law Firm of the Year’ three times by The Lawyer, is among the first Baltic firms to deploy Luminance. The firm trialled ‘Luminance Diligence’ in a live cross-border M&A transaction, testing the technology’s ability to speed up and streamline the time-pressured review. With a data room containing over 600 documents in English, Estonian, Lithuanian, Latvian and Spanish, Luminance was immediately able to categorise the data set by document and clause type, regional activity and language, focusing the review from day one.
“Using Luminance, we were able to pinpoint areas of concern far more quickly than using manual review alone,” said Toomas Prangli, co-head of the Corporate and M&A Practice Group of Sorainen. “The technology’s easy-to-use interface immediately recognised a variety of languages present in the data room, meaning the deal team could focus their review on areas of potential interest within minutes, rather than hours. This, combined with Luminance’s inbuilt workflow tools, which allowed the team to easily assign and monitor tasks across the three offices involved in the transaction, meant our lawyers were spared the time usually spent manually annotating contracts. We’re excited to roll Luminance out across the region.”
“We’re delighted to welcome Sorainen to the roster of Luminance Diligence customers as our global traction continues to increase,” added Emily Foges, CEO of Luminance. “The firm recognises the time and efficiency savings Luminance can deliver in cross-border, multi-lingual M&A transactions and the crucial role AI will play in maintaining their position at the forefront of the Baltic legal market.”
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 secured over 120 customers across six continents since launching in September 2016, including 14 of the Global 100 law firms. The company also has offices in Chicago and Singapore to meet demand from AmLaw 100 firms across the globe.
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