Luminance, the leading artificial intelligence platform for the legal profession, has announced a new product to assist lawyers with international regulatory compliance, including Brexit. The announcement comes as the fast-growing tech company celebrates surpassing 75 customers across 23 countries in its first 18 months, including ten of The Global 100.
Luminance, which last year was valued at $50m, initially focused on tackling the time-consuming task of M&A due diligence. Now, with top-tier law firms across five continents using Luminance for M&A, the company has developed its machine learning platform to enable lawyers to quickly and efficiently assess the impact of regulatory change and determine whether new contracts are compliant with internal practices.
'Luminance is extremely helpful in reducing the time we spend on document review. The powerful technology can easily adapt to any field of law, which made all the difference when it came to our time-pressured GDPR review,' said the Head of Compliance for one of the world’s largest retail banks. The multinational bank and financial services company achieved 85% time savings compared to manual methods alone on a compliance review for GDPR, cutting the allocated time spent from eight weeks to seven days.
'As regulations change, lawyers need to act fast to meet deadlines,' added Emily Foges, CEO of Luminance. 'Luminance enables an intelligent, comprehensive impact assessment, providing lawyers with an instant insight into a body of contracts and highlighting potential areas of concern. With one of the world’s largest international retail banks having already used Luminance for GDPR analysis and achieving 85% time-savings, we are excited to see the efficiency gains that our plug-and-play technology can deliver in this practice area.'
Founded on breakthroughs in machine learning at the University of Cambridge and developed in collaboration with legal experts, Luminance is the leading AI platform for the legal profession. Luminance understands language the way humans do, in volumes and at speeds that humans will never achieve. This means lawyers can instantly focus their analysis on documents most likely to be impacted by regulatory change.
This week, the Luminance team will be attending the annual Corporate Legal Operations Consortium (CLOC) in Las Vegas, the largest gathering of corporate legal professionals in the world, to launch Luminance for compliance.
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