9 August 2022 | Leading American law firm, Chapman and Cutler LLP (“Chapman”), recently rolled out Luminance’s award-winning AI to a number of their practice groups in an effort to expedite and enhance a range of contract review projects across the firm.
With over 200 attorneys located across the United States, Chapman is an established firm focused on finance, having provided legal services to institutional investors and other companies in the financial sector for over a century. Having previously relied on manual document review processes in some practice areas, the firm saw a growing need to implement next-generation technology in the face of exploding volumes of legal content, growing efficiency demands and enhanced regulatory thresholds. The firm now uses Luminance’s AI-powered contract analysis tool to review and analyze a diverse range of legal content including fund documents, SEC filings, lending agreements, and other financial agreements.
Critical to the firm’s adoption of Luminance is the technology’s document and clause comparison tool, which allows reviewers to identify and select ‘model’ documents or clauses, and then compare this version against other documents or clauses within the dataset. Luminance’s AI will red-line and green-line all instances of differences and similarities between various documents. This functionality, which is unique to Luminance, makes it possible for the firm’s attorneys to identify deviations in clause wording across any volume of documentation in any language – something that is virtually impossible to detect via manual methods of review. Luminance also allows the firm’s attorneys to run reports that provide a full dataset of clauses within a particular project and quickly access, review and select from the available clauses.
Shea Smock, an analyst on Chapman’s Practice Innovations team, commented: “Luminance’s AI gives our attorneys the ability to uncover critical information earlier in the review process, allowing them to adjust and prioritize their review. With Luminance, we can provide high-quality reports and expert counsel to our clients in a fraction of the time it once took via manual document review methods.”
Eleanor Lightbody, CEO of Luminance, added: “I am delighted to welcome Chapman to the Luminance stable as demand for our next-generation AI continues to grow in the US, with signings by North American-headquartered organisations up 48% in Q1 this year compared to the previous quarter. Luminance is a vital tool for lawyers servicing clients in the financial industry, as they need to be fully aware of any obligations or risks in their contracts in one of the most tightly regulated sectors. I am pleased to see how our AI is enhancing the firm’s efficiency whilst also helping their clients to maintain compliance.”
Luminance is trusted by over 450 organisations in 60 countries worldwide, including all of the Big Four consultancy firms, a quarter of the world’s largest law firms and in-house teams from leading organisations such as UK supermarket, Tesco, and global confectionary company, Ferrero.
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 trusted by over 450 customers in 60 countries, including all of the Big Four consultancy firms, a quarter of the world’s largest law firms and multinational organisations.
About Chapman and Cutler LLP
Chapman is a law firm focused on finance, representing sophisticated financial companies and institutional investors around the world. Chapman’s Practice Innovations (CPI) team designs and implements platforms for contract automation and review and analysis, builds custom applications, and connects systems to deliver dashboards, transaction management, and online collaboration solutions for financial institution legal departments and business segment groups.
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