-[06 July 2020]- Oppenheim, one of Central and Eastern Europe's most innovative law firms, has become the latest Hungarian firm to adopt Luminance’s award-winning machine learning technology. The firm are now using Luminance for all M&A due diligence, commercial contract and real estate reviews.
Oppenheim first used Luminance on a real estate deal with a data set containing over 700 documents and instantly saw the value the technology could bring to the firm. Luminance is language-agnostic, meaning it can work in any language from day one, and this allowed Oppenheim to seamlessly review and analyse both Hungarian and English documents. Oppenheim were impressed with Luminance’s ability to streamline not only their real estate reviews, but their contract review processes more broadly. Luminance instantly reads and analyses documents, breaking datasets down visually across a number of parameters including datapoints such as contract type and governing law, as well as automatically labelling clauses and flagging anomalies. Therefore, in just a few clicks, the legal team were able to zoom in on points of interest such as key individuals, crucial clauses and hidden risks, enabling the team to complete their tasks at least 45% faster than with manual review methods. Further, Luminance’s advanced supervised machine learning algorithms mean the platform learns from the firm’s nuances and specialities the more that they interact with the platform, leading to significant time savings on future projects.
Mark Pinter, Head of Real Estate at Oppenheim, believes Luminance will be a key efficiency driver for the firm, stating: “The technology enables lawyers to provide a higher level of client service by freeing up time to focus on substantive work and strategic advice.” Janos Fodor, Principal Associate, added: “Using Luminance truly provides a competitive advantage in terms of efficiency of due diligence work.”
Jozsef Bulcsu Fenyvesi, Head of Corporate/M&A at Oppenheim noted that “I am convinced about Luminance’s worth as a tool we wish to have at hand for major M&A transactions”.
Jason Brennan, Luminance’s acting CEO, comments: “We are delighted to welcome Oppenheim as a customer. Luminance’s ability to work in any language, including Hungarian, is invaluable for firms such as Oppenheim that routinely work across documents in multiple languages.”
Luminance is powered by a unique blend of unsupervised and supervised machine learning developed at the University of Cambridge, allowing lawyers to gain more insight into their datasets and improve efficiency during due diligence, compliance reviews, e-Discovery and contract management. The company has over 250 customers, including over one-fifth of The Global 100 law firms and all of the ‘Big Four’ accountancy firms.
Oppenheim is one of Central and Eastern Europe’s most innovative law firms. Oppenheim’s clients receive clear, simple and transparent legal solutions to their problems. They rely on the firm to provide them with comprehensive legal support in all areas of Hungarian and international business through Oppenheim’s team of over 40 forward-thinking and success-oriented lawyers and legal experts. Due to Oppenheim’s tradition of retaining the best talent, their clients can take advantage of our team of top legal minds, a team with over 20 years of expertise together and a deep understanding of all business sectors and practices. In light of this experience, Oppenheim understand the importance of tailoring their legal solutions to match the business needs of their clients.
The attorneys of Oppenheim provide their legal expertise through a combination of specialized practice groups and sector experience, such as corporate/M&A, real estate, capital markets, banking and financial services, manufacturing, construction, energy, utilities, automotive, healthcare, media, IP/IT, and the services industry.
Oppenheim is widely recognized as a market leader in the vast majority of its practice areas by the principal ranking agencies, including Legal 500, Chambers and Partners, Practical Law Company and IFLR.
Luminance is the leading artificial intelligence platform for the legal profession. Founded by mathematicians from the University of Cambridge, Luminance has developed the Legal Inference Transformation Engine (LITE), the first true application of machine learning to the legal industry, combining pattern-recognition technology with supervised and unsupervised machine learning to read and understand human language. Luminance is used by law firms and in-house teams in over 50 countries around the world to improve processes such as due diligence, contract negotiation, regulatory compliance reviews, property portfolio analysis and eDiscovery. The company has offices in London, Cambridge, New York and Singapore.
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