Leading independent business law firm, Arendt & Medernach, has deployed Luminance’s artificial intelligence technology to enhance its due diligence processes for multi-language M&A transactions. The firm is also the first to trial Version 3.0 and the real estate functionality of the platform.
The Luxembourg-based firm, which last year was named ‘Luxembourg Law firm of the year’ by Chambers & Partners, valued Luminance’s unique blend of supervised and unsupervised machine learning, which allowed its lawyers to use their own expertise to customise the platform. Luminance learns by example from every project and contract it processes, meaning Arendt’s lawyers were able to build over 70 private clauses in three languages within the first two days of the Pilot.Using the technology for a live real estate transaction in which the data room consisted of exclusively non-English documents, the law firm benefitted from Luminance’s language agnostic technology. As a result, Arendt chose to permanently adopt Luminance’s platform.
“We were thrilled at how quickly Luminance was able to deliver value in both the M&A and real estate transactions, saving the team three hours on the very first day of the Pilot,” said Carsten Opitz, Partner at Arendt. “As a result, we anticipate these improvements in efficiency helping us to accelerate our expertise in Luxembourg business law both regionally and internationally.”
“We’re particularly excited about Arendt’s adoption of Luminance as the first user of the real estate functionality and our first customer in Luxembourg,” added Emily Foges, Luminance CEO. “The firm’s international jurisdiction perfectly illustrates Luminance’s ability to work seamlessly across legal teams in practice areas, and our successful deployment in another European country demonstrates the benefits we can bring to law firms working in any language.”
Luminance, which has been adopted by over 50 leading organisations worldwide, uses machine learning algorithms developed by mathematicians from Cambridge University to enhance contract review. The technology instantly sorts and classifies documents while highlighting possible anomalies for lawyers’ review. Luminance has completed over 200 transactions and has customers in 18 countries since launching in 2016.
About Arendt & Medernach
Arendt & Medernach is the leading independent business law firm in Luxembourg. The firm’s multidisciplinary and international team of more than 300 legal experts advises Luxembourg and foreign clients in all areas of Luxembourg business law. Our specialised practice areas allow us to offer a complete range of Luxembourg legal services tailored to the client’s individual needs across all areas of business law.
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