One of the leading business law firms in Sweden, Gernandt & Danielsson Advokatbyrå (G&D), has deployed Luminance’s artificial intelligence platform to enhance its due diligence processes for M&A transactions.
The firm, which is ranked in the Legal 500, chose to deploy Luminance after a team of highly qualified lawyers worked intensely in a short period to trial the technology on Swedish and English documents. Following a quick instalment into G&D’s system, Luminance presented the information inside the data room from a new perspective, identifying clusters within the documents and exposing anomalies on day one of the transaction. The firm particularly valued Luminance’s ability to efficiently learn new, bespoke clauses in any language.
“Given our extensive experience of cross-border transactions, both within the Nordic region and internationally, Luminance was the ideal fit for Gernandt & Danielsson to help streamline the due diligence process and continue to provide first-rate legal services to our clients,” said Manfred Lofvenhaft, Managing Partner at Gernandt & Danielsson. “The platform is highly intuitive and we immediately saw the benefits of the unsupervised machine learning. From day one of the Pilot, Luminance gave the team an instant insight into the data room, revealing anomalies and identifying legal concepts in multiple languages.”
By applying the latest advances in machine learning technology developed from Ph.D. research at Cambridge University, Luminance is able to read and understand legal documents in a similar way to humans but at a much faster speed. The technology uses a combination of supervised and unsupervised machine learning to highlight subtle differences between documents, so that G&D lawyers can identify key issues early on during a transaction.
“We’re delighted to have been selected by another innovative and leading Nordic law firm,” added Emily Foges, Luminance CEO. “Gernandt & Danielsson understand the crucial role AI technology is playing in the legal profession and the firm’s deployment of Luminance is indicative of its commitment to enhancing the quality of its services.”
Luminance has customers in 23 countries since launching in 2016, including major Nordic law firms, Bech-Bruun, BAHR and Delphi.
About Gernandt & Danielsson Advokatbyrå
Gernandt & Danielsson, one of the leading business law firms in Sweden, employs about 70 lawyers. Since its inception in 1992, the firm has grown organically. The firm specialises in mergers and acquisitions, capital markets, banking and finance, competition law and arbitration and litigation proceedings. The firm has a strong international practice and close working relationships with leading law firms in all other Scandinavian jurisdictions, elsewhere in Europe and around the world. Being independent and not part of any alliance, Gernandt & Danielsson is free to consult with or recommend the foreign law firm or expert who can best respond to each particular client’s needs.
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