-Award-winning CEE law firms, JPM and KRS, have announced they will be using Luminance’s language-agnostic AI technology to assist them during due diligence exercises for their clients.
30 March 2021- Award-winning law firms, Janković, Popović & Mitić (‘JPM’) and Kovács, Réti, Szegheő Ügyvédi Iroda (‘KRS’), have announced their adoption of Luminance’s market-leading AI platform to enhance and augment their due diligence processes when working with Serbian and Hungarian documentation.
As the only technology that can read and analyse documents in any language, JPM and KRS will now join other innovative CEE-based firms such as KPMG Hungary, Jalsovszky, ODI Law, Oppenheim and Jadek & Pensa in their adoption of Luminance.
The CEE region has seen a revival in M&A activity over the past year, with a recent survey finding that total M&A activity reached €28.5bn in 2020. Indeed, both KRS and JPM have seen a growing demand for due diligence reviews in recent months, leading to an analysis of their time-consuming and tedious manual review processes. Nonetheless, finding a tool that would allow them to work seamlessly with Serbian and Hungarian documentation had until now, proved challenging for both firms. Now, with Luminance, JPM and KRS are set to transform their review processes, with the technology allowing them to gain greater insight into their datasets, reduce their overheads and work seamlessly with Serbian and Hungarian legal matter.
JPM, who have been rated as a top-tier law firm by leading legal directories including Chambers & Partners, Legal 500, and IFLR1000, recently used Luminance to analyse nearly 1,000 documents for an M&A transaction. By using supervised and unsupervised machine learning, Luminance was able to instantly surface to the team clauses, datapoints and anomalies across Serbian and English documents. As a result, the team achieved a 50% time saving all in their first use of Luminance.
Mr. Nenad Popovic, Senior Partner at JPM, comments: “The adoption of AI tools in the legal industry is on the rise and as a leading law firm in Serbia, it is critical that we are using the best and most innovative technology out there. Luminance is playing an increasingly prominent role in the delivery of legal services. With Luminance, we are able to swiftly identify key risks and information contained within our datasets, leaving more time for critical analysis and thinking.”
KRS also used Luminance to perform a live due diligence review of nearly 300 documents and managed to cut their overall review time by half. Dr. Attila Kovács, Managing Partner at KRS, said: “Despite the Covid-19 pandemic, M&A activity is booming, and we are ready to gear up to the next level with Luminance’s AI solution. Luminance allows us to provide proactive and decisive advice to our clients - it is incredibly easy-to-use, simple to deploy and with its powerful machine learning, we are able to identify the ‘skeletons in the closet’ at a much earlier stage in the review.” He continues, “We are proud members of the Geneva Group International Global Alliance, a worldwide alliance of accounting, consulting and law firms, and we look forward to promoting the Luminance platform throughout the organisation.”
Eleanor Weaver, CEO at Luminance, added: “Luminance is ramping up the pace of change in the CEE legal market with a truly flexible, language-agnostic technology. Luminance is the only technology that allows lawyers to have a truly holistic understanding of their documents whilst also enabling legal teams to identify key risk with a click of a button. Armed with this knowledge, lawyers are able to make better and more rounded commercial decisions, leading to stronger mitigation of risk and reduced costs.”
Luminance is the leading artificial intelligence platform for the legal profession, currently used by over 300 law firms and organisations in over 50 countries.
Luminance is the leading artificial intelligence platform for the legal profession, with over 300 customers in more than 50 countries. Luminance’s machine learning technology reads and forms an understanding of documents, helping lawyers to perform the most thorough and rapid document reviews across practice areas including due diligence, contract negotiation, regulatory compliance reviews, property portfolio analysis and eDiscovery. Luminance has offices in London, Cambridge, New York and Singapore.
About Janković, Popović & Mitić (JPM)
The oldest commercial law firm in Serbia, JPM has been helping local and international businesses grow in Serbia and throughout the SEE region for 30 years. Rated as a top-tier law firm by all the leading legal directories (Chambers & Partners, Legal 500, and IFLR1000), JPM provide clients with full-service coverage and pride ourselves on truly understanding their sector and their business needs.
About Kovács, Réti, Szegheő Ügyvédi Iroda (‘KRS’)
KRS Law Office founded almost 30 years ago, is a local law firm with extended international professional partnerships. It provides its local and international clients with complex legal and tax advisory services in their daily business as well as in realising their investment and/or improvement projects. KRS has always been looking for innovative solutions in order to make its services even more effective for the clients, for instance the Law Office developed and launched the www.ekrs.hu legal tech platform, the first online legal platform on the Hungarian Market. The clients can manage already 23 different type of legal services online on the webpage.
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