Corrs adopts AI technology for M&A docs
Australian firm Corrs Chambers Westgarth is the latest to adopt artificial intelligence technology in the due diligence process for mergers and acquisitions transactions.
Corrs will use technology developed by London-based Luminance to sort, cluster and filter large volumes of documents and find subtle but potentially significant differences between contracts.
Corrs adopted Luminance after successfully completing a pilot of the technology within their M&A department. The firm expects to use Luminance’s language-agnostic technology to assist them in advising on deals both in Australia and significant markets abroad, such as the US, China and India.
“Corrs is committed to providing our clients with solutions that improve efficiency, add value and enhance experience,” said Robert Regan, Corrs Sydney Partner-in-charge.
“Having already launched our own joint venture last year specialising in AI technology for contract review, we are delighted to be able to extend our AI offering to include due diligence processes by partnering with Luminance. Luminance’s premium technology complements our existing AI platforms perfectly, assisting us to deliver greater efficiencies and outcomes for our clients.”
Luminance detects subtle but potentially significant differences between contracts so that key issues can be highlighted at the earliest possible stage of a transaction, offering clients a better negotiating position from the outset
“Corrs is a forward-thinking, innovative firm and a leader in its market. We are delighted they have chosen to use our technology, which is further proof of the value Luminance brings to both external and in-house legal teams working on crucial projects,” said Emily Foges, CEO of Luminance.
“Our successful deployment in Australia demonstrates the benefits Luminance can bring to firms around the world.”
In Australia, Sydney-based Gilbert + Tobin has also adopted Luminance's technology. Luminance launched in September 2016 and has customers in 13 countries, having completed more than 150 transactions to date.