28 April 2022 | Leading Italian tax and legal services firm, Pirola Pennuto Zei & Associati (‘Studio Pirola’), has announced its adoption of Luminance’s AI-powered legal process automation tool to expedite and enhance M&A and other due diligence processes across the Milan-based firm.
With over 500 professionals located between Italy, London and China, Studio Pirola is an established firm, having provided tax and legal services to corporate, financial sector and private clients for the past four decades. Having previously relied on manual document review processes to conduct due diligence ahead of cross-border M&A transactions, the firm saw a growing need to implement next-generation technology in the face of ever-expanding data volumes, multilingual datasets and remote teams. The firm now plans to use Luminance’s AI-powered contract analysis tool to review and analyse a diverse range of legal content including labour, leasing and commercial contracts, as well as board minutes.
Critical to Studio Pirola’s adoption of Luminance is the technology’s unique combination of supervised and unsupervised machine learning, which allows the AI to form an understanding of any volume of documentation, working out-of-the-box to recognise a range of clauses and highlight key information or areas of possible risk. In doing so, Studio Pirola is able to maintain a competitive advantage in the Italian legal market by surfacing buried deal killers and critical findings at a far earlier stage of review. Further, as the only language- and jurisdiction-agnostic tool on the market, Luminance can work in any language from day one, allowing Studio Pirola to seamlessly review and analyse both English and Italian documents and easily identify governing laws present within datasets of any size.
Luca Occhetta, Chairman at Studio Pirola, commented: “AI is an essential component of our firm’s future growth strategy, empowering our lawyers to provide the highest level of client service”. Stefano Cesati, Partner at Studio Pirola, responsible for the Luminance project, commented: “Luminance enables us to cut the time spent on lengthy and tedious document review, giving us more time and resource to take on more work and focus on the tasks which our clients value so highly, analysis and advice.”
Eleanor Weaver, CEO of Luminance, added: “I’m pleased to welcome Studio Pirola to the Luminance family and to see the efficiency gains our next-generation AI will provide in their everyday legal work.”
Luminance is trusted by over 400 organisations in 60 countries, including all of the Big Four accountancy firms, one quarter of the world’s largest law firms and multinational organisations such as UK supermarket, Tesco, and global confectionary company, Ferrero.
About Pirola Pennuto Zei & Associati
Pirola Pennuto Zei & Associati was established as an association of professionals in the early 1980s by its founders who, in the 1970s, had been engaged in providing tax and statutory consulting services to companies and multinational groups. It is currently one of the leading independent firms in Italy.
The firm combines a multidisciplinary vision and focus on different business sectors, providing tax and legal consultancy as well as corporate finance consultancy.
Luminance is the world’s most advanced AI technology for the legal processing of contracts and documents. Founded by mathematicians from the University of Cambridge, Luminance’s AI reads and forms a conceptual understanding of documents in any language. Luminance uses this understanding to augment the spectrum of legal matters, from AI-powered contract drafting, negotiation and review to investigations and eDiscovery. Luminance is used by over 400 customers in 60 countries, including all of the Big Four consultancy firms, a quarter of the world’s largest law firms and multinational organisations.
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