Luminance announces that it has signed an agreement with US law firm Ice Miller LLP to deploy its artificial intelligence technology to streamline the firm’s due diligence processes for M&A transactions.
The agreement closely follows the opening of Luminance’s first US headquarters in Chicago, and demonstrates the continued momentum it has in the country.
Luminance, founded by mathematicians from the University of Cambridge, uses machine learning technology to improve contract review processes, such as M&A due diligence. The system sorts, clusters and classifies an entire data room, presenting it in an intuitive visualisation dashboard, giving lawyers immediate insight and prioritising their review.
“Luminance allows our team to provide our clients with the high-quality service they expect and demand from us through a more efficient platform,” said Richard Barnhart, a managing partner at Ice Miller. “We now find things far more quickly than using manual review alone.”
Deploying Luminance allows the firm to continue the high-quality, personal service it provides to clients. Ice Miller is one of the most experienced firms in the US in structuring, negotiating and documenting business transactions and has a depth of experience in middle market transactions across several industries.
“Luminance’s cutting-edge technology complements Ice Miller’s innovative approach to meeting client needs,” said Emily Foges, Luminance CEO. “The firm has recognised that Luminance’s flexible, ‘plug and play’ artificial intelligence technology can transform its approach to legal contract review.”
Ice Miller is renowned for its client-focused approach, and the team was particularly impressed by the visualisation of data in Luminance. After a successful trial period, Ice Miller requested the technology to be incorporated into its M&A department as soon as possible. The company has plans to use Luminance in other departments, such as real estate, in the near future.
“We are excited to use Luminance to demonstrate the results of our due diligence process to clients” said Steven Humke, Ice Miller chief managing partner. “Our attorneys are committed to helping our clients stay ahead of a changing world.”
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