-[27 November 2020]- Market-leading German law firm, Gleiss Lutz, announced today that they are optimising the way they conduct due diligence with the adoption of Luminance, the leading artificial intelligence platform for the legal profession.
Gleiss Lutz decided to deploy Luminance’s award-winning AI technology to assist with a cross-jurisdictional M&A due diligence review which contained over 1,000 documents. As the only AI tool that uses both supervised and unsupervised machine learning, Luminance was able to immediately read and form an understanding of the vast dataset, instantly providing the team with an unparalleled analysis of the documents, surfacing crucial clauses, patterns and anomalies on an interactive, graphic interface. Within moments, Luminance highlighted key provisions to the legal team, including information about the composition of the target company’s board of directors contained within ‘Zusammensetzung Vorstand’ provisions, allowing Gleiss Lutz to act quickly and decisively for their client.
Despite the dataset containing 17 different languages (including English, Turkish, Chinese, Italian, Japanese, Portuguese and German), because Luminance is a language-and-jurisdiction-agnostic platform, the team could work across all documents seamlessly. Indeed, Luminance’s intelligent collaboration tools such as automatic document and task allocation, meant that Luminance could detect the language of any incoming documents and could instantly send that to the relevant speaker of that language for review. By using Luminance’s machine learning and built-in project management tools, Gleiss Lutz were able to conduct a coordinated and insightful review, despite working across different countries and time zones, leading to them seeing a 50% time saving in their first project with Luminance.
In order to gain further insight into how Luminance’s collaborative tools could be utilised to ensure productive reviews whilst much of the 350-person firm works remotely, Gleiss Lutz also participated in Luminance’s one-week interactive training programme. The team gained in-depth instruction around areas such as adding Notes and generating reports, collaborative tools such as task allocation, as well as insight into Luminance’s unique functionalities such as advanced model document and clause comparison technology.
Dr Cornelia Topf, a Partner at Gleiss Lutz, adds: “The Covid-19 pandemic has been a catalyst for digital transformation and in particular, digital communication for our firm. As such, adopting a tool like Luminance is of paramount importance, ensuring that we are able to communicate and collaborate with our clients and colleagues whilst working from home.” She continues, “Whilst Luminance is an incredibly intuitive and easy-to-use tool, the Luminance virtual classroom was especially helpful, giving the team that extra confidence before we start our next deal in Luminance.”
Jason Brennan, Luminance’s acting CEO, comments “We are thrilled to see that a forward-looking firm like Gleiss Lutz are reaping the benefits of Luminance’s next-generation machine learning technology. It was also fantastic to see that Gleiss Lutz took advantage of Luminance’s e-learning programme, ensuring that they are able to get the most of the technology”. Jason continues, “Technology like Luminance is fuelling collaboration in the legal industry, enabling lawyers to provide value to their firms and clients quicker.”
Luminance is currently used by over 250 law firms and organisations worldwide. Powered by a unique combination of supervised and unsupervised machine learning, Luminance’s customers include over one-fifth of the ‘Global Top 100’ law firms and all of the ‘Big Four’ accounting firms.
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.
About Gleiss Lutz
Gleiss Lutz is one of the leading premium independent law firms in Germany, with more than 350 lawyers, including 85 partners, and offices in Berlin, Düsseldorf, Frankfurt, Hamburg, Munich, Stuttgart and Brussels, its practice covers all areas of commercial law.The firm’s lawyers are outstanding experts in their respective fields who work in cross-disciplinary teams on integrated legal solutions. Gleiss Lutz’ market leading practices offer broad experience and deep insight to provide clients with precise and comprehensive advice on challenging legal and business issues.
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