One of the leading commercial law firms in Sweden, Delphi, has deployed Luminance’s artificial intelligence technology to transform its contract review processes for M&A due diligence.
The firm, which last year was named Commercial Law Firm of the Year for the third year in a row in the Regi annual client survey (Sweden’s largest), selected Luminance after completing a successful pilot of the technology using both English and Swedish documents from a historic transaction. Once Delphi had uploaded an extensive set of contracts, Luminance immediately began to structure the data room, clustering documents and identifying clauses from day one of the transaction.
The firm particularly valued Luminance’s ability to learn from every data room it encounters, allowing the platform to constantly improve and specialise over time. Delphi’s lawyers were quickly and efficiently able to tag Swedish legal concepts highlighted by Luminance and, within seconds, the platform identified similar clauses throughout the data set.
“Using Luminance, we are able to significantly reduce the time spent on M&A due diligence compared to conventional manual methods,” said Per Berglöf, Senior Advisor at Delphi. “The intuitive, easy-to-use technology provided our lawyers with an immediate understanding of the data room and we’re excited to deploy Luminance across the firm and see the efficiency gains AI can deliver.”
Sophia Lagerholm, Head of Knowledge Management at the firm, added: “The speed and ease at which the technology learnt new Swedish legal concepts made Luminance the ideal fit for Delphi. Moreover, the platform’s unique Visualise screen and usability will prove invaluable to us in the due diligence process.”
“Delphi has a reputation for providing first-class legal services on the Swedish market, and we’re delighted to be working with another innovative Nordic law firm,” said Luminance CEO, Emily Foges. “Luminance provides legal teams with unparalleled insight into their contracts, guiding the lawyer’s review to ensure more time can be dedicated to the judgment and analysis that clients truly value.”
Luminance applies the latest advances in machine learning technology, founded as a result of close collaboration between mathematicians from Cambridge University and legal experts. The language agnostic platform reads and understands legal documents in a similar way to humans, coping with volumes and working at speeds that no human can match. The technology instantly sorts and classifies documents while highlighting possible anomalies for lawyers’ review.
Luminance has customers in 18 countries across five continents since launching in 2016. The company will be joined by Delphi for a panel discussion at Amsterdam’s Lexpo Legal Innovation Event in April.
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