Luminance’s artificial intelligence selected by Arntzen de Besche 22 November 2018 | Press Release
Arntzen de Besche Advokatfirma AS (‘AdeB’) has become the 25th Nordic law firm to adopt Luminance’s machine learning technology for M&A transactions.
AdeB conducted a pilot of the technology, directly comparing Luminance’s findings during a historic M&A transaction with those achieved manually. The firm immediately recognised the potential for efficiency increases that Luminance could deliver, and in the long term, AdeB believe that the time spent on manual review can be cut by over 30%. In addition, the firm believes that Luminance will be an important tool for communication in due diligence projects.
“We have been looking for an AI solution to enhance the work of our legal teams for some time, and Luminance answers our need for an easy-to-use contract review tool,” said Geir Mortensen, Business Development Manager at AdeB. “During the pilot, the technology seamlessly learnt a large number of new legal concepts in both English and Norwegian, allowing our legal team to build up a custom clause bank within hours. Luminance’s inbuilt workflow tools also allow easy allocation and monitoring of tasks, which will prove invaluable for the 130 lawyers across our firm.”
“We’re pleased to welcome our 25th Nordic law firm to the roster of Luminance Diligence customers,” added Emily Foges, CEO of Luminance. “Law firms in this region are embracing technology at a rapid pace and thriving in the process.”
Luminance harnesses the latest advances in machine learning and pattern recognition technology, developed at the University of Cambridge, to improve the efficiency of processes such as due diligence, compliance reviews, e-discovery and contract management. The platform ensures that the lawyer remains at the heart of every process, meaning substantial time-savings from day one, whilst ensuring legal teams have more control and confidence than ever before.
Luminance has over 120 customers across six continents since launching in September 2016, including 14 of the Global 100 law firms and three of the ‘Big Four’ accountancy firms. The company also has offices in Chicago and Singapore to meet demand from AmLaw 100 firms across the globe.
About Arntzen de Besche
Arntzen de Besche has been helping to shape the theory and practice of law in Norway since 1870 and is a leading Norwegian law firm with offices in Oslo, Stavanger and Trondheim with more than 170 employees. Arntzen de Besche teams of experts assist Norwegian and international companies, public authorities and private organisations to simplify complex transactions, undertake challenging negotiations and resolve disputes of all types. https://www.adeb.no/en/
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