Australian law firm Corrs Chambers Westgarth is initially deploying Luminance’s artificial intelligence technology to streamline due diligence processes for M&A transactions.The law firm adopted Luminance after completing a pilot of the technology within its M&A department. It plans to use Luminance’s language-agnostic technology to assist lawyers in advising on deals both in Australia and significant markets abroad in areas such as the US, China and India.
'Corrs is committed to providing our clients with solutions that improve efficiency, add value and enhance experience,' said Robert Regan, Corrs Sydney partner-in-charge. 'Having already launched our own JV last year specialising in AI technology for contract review, we are delighted to be able to extend our AI offering to include due diligence processes by partnering with Luminance. Luminance’s premium technology complements our existing AI platforms perfectly, assisting us to deliver greater efficiencies and outcomes for our clients.'
Data room contents
The firm has opted for Luminance's expertise in analysing large volumes of documentation by sorting, clustering and filtering the contents of a data room. The software detects subtle but potentially significant differences between contracts so that key issues can be highlighted at the earliest possible stage of a transaction, offering clients a better negotiating position from the outset. It also expects that Luminance’s intuitive interface and built-in collaboration tools will free up lawyers to spend more time on evaluation and delivering value to clients.
'Corrs is a forward-thinking and innovative firm and we are delighted they have chosen to use our technology,' said Emily Foges, CEO of Luminance. 'Our successful deployment in Australia demonstrates the benefits Luminance can bring to firms around the world.' Luminance launched in September 2016 and has customers in 12 countries, having completed more than 120 transactions to date.