The law firm has invested in AI to assist with new contract review for M & A due diligence.
International law firm Bird & Bird has chosen Luminance’s artificial intelligence platform to assist with its contract review for M&A due diligence. The announcement of the deal follows a successful trial of the technology across the firm’s London and Stockholm offices. Luminance uses machine learning algorithms developed by mathematicians from Cambridge University that accelerates and enhances legal contract review. The technology instantly sorts and classifies documents while highlighting possible anomalies for lawyers’ review. Uniquely, due to the advanced nature of Luminance’s platform, it learns as it is used, so that it adapts to Bird & Bird’s expertise and specialisms with no training required.
Bird & Bird is well known for its technology-led approach and expertise in advising major clients across the technology and digital industries. This innovative outlook made Luminance a natural fit, explains Mårten Willamo, partner and Nordic head of corporate at Bird & Bird. 'Bird & Bird has always been at the forefront of adopting cutting-edge technology, and Luminance is no exception. We identified a clear opportunity within the firm to reduce the time and resources spent on manual document review in due diligence. Luminance’s ability to expose potential issues and anomalies within documentation – as well as easily adapt to new projects and languages – will help us get to the vital work of analysis, much faster.' He added: 'Ultimately, Luminance will enable our lawyers to spend more time on the creative and analytical thinking, informed by deep industry knowledge, that our clients value so highly.'
Easy to use
Bird & Bird selected Luminance after completing an extensive trial. The firm’s first project using the technology was run in direct comparison to manual review methods on a live transaction with a mixture of document languages: English, Swedish, Norwegian, Danish, and French. The deal team were impressed by the easy to use interface – including a seamless upload process enabled by Luminance’s virtual data room integration – and language-agnostic nature of the technology.
Intuitive workflow tools
As an international firm with 1,200 lawyers across 29 offices, Luminance’s intuitive workflow tools had to help Bird & Bird’s team collaborate in real time across multiple offices. The results of the trial were extremely positive, with Bird & Bird concluding that Luminance enabled its team to work faster and more effectively in any language.