Leading Baltic law firm COBALT has adopted Luminance’s artificial intelligence technology to streamline its M&A due diligence processes across its Estonian, Latvian, and Lithuanian offices.
COBALT is a closely integrated alliance of top-tier law offices across the Baltics and Belarus. Following an initial demonstration of the technology, the firm chose to implement Luminance across its Estonian, Latvian, and Lithuanian offices to enhance the work of more than 180 attorneys and lawyers within the network. COBALT will benefit from Luminance’s inbuilt suite of collaboration tools, which allow the easy assignment and monitoring of tasks during a transaction, saving valuable time previously spent on administration.
'Clients demand more efficiency from law firms and COBALT has been interested in the benefits that AI can deliver during the M&A due diligence process for some time. Luminance’s flexible, language agnostic technology seems the ideal fit for our firm,' said Sten Luiga, Senior Partner at COBALT. 'With this powerful machine learning in action, we can significantly speed up the due diligence process, pinpoint the areas of concern earlier on, and focus on the analytical thinking that our clients value.'
'COBALT’s implementation of Luminance across three of the firm’s offices is testament to the plug and play nature of the technology and its ability to seamlessly augment the work of legal teams across borders and jurisdictions,' said Emily Foges, Luminance CEO. 'We are excited to welcome the first Latvian and Estonian customers to use our AI for contract review.'
Luminance harnesses the latest advances in machine learning technology, developed at the University of Cambridge, to automatically sort, cluster and classify large volumes of legal documents. The system enables faster and more accurate review, giving lawyers an instant visual insight into the contents of an M&A data room. Uniquely, Luminance detects subtle but potentially significant differences between contracts so that key issues can be highlighted at the earliest possible stage of a transaction.
Luminance has over 100 customers since launching in September 2016, including eleven of The Global 100 law firms. The company was recently awarded ‘Startup Tech Company of the Year’ at the Prestigious National Technology Awards 2018.
COBALT Law Firm is one of the leading full-service business law firms covering 4 jurisdictions - Estonia, Latvia, Lithuania and Belarus, uniting more than 180 lawyers. The law firm operates International Desks covering Fenno-Baltic, Russia/CIS and German-speaking countries. COBALT is awarded the highest ranking for Financial and Corporate work in all Baltic countries by IFLR1000 2017 and according to Mergermarket 2017 league table report COBALT has advised the highest number of transactions among Baltic law firms in 2017. To find out more, please visit our webpage www.cobalt.legal.
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