As the only technology that can read and analyse documents in any language, JPM and KRS will now join other innovative CEE-based firms such as KPMG Hungary, Jalsovszky, ODI Law, Oppenheim and Jadek & Pensa in their adoption of Luminance.
The CEE region has seen a revival in M&A activity over the past year, with a recent survey finding that total M&A activity reached €28.5bn in 2020. Indeed, both KRS and JPM have seen a growing demand for due diligence reviews in recent months, leading to an analysis of their time-consuming and tedious manual review processes. Nonetheless, finding a tool that would allow them to work seamlessly with Serbian and Hungarian documentation had until now, proved challenging for both firms. Now, with Luminance, JPM and KRS are set to transform their review processes, with the technology allowing them to gain greater insight into their datasets, reduce their overheads and work seamlessly with Serbian and Hungarian legal matter.
JPM, who have been rated as a top-tier law firm by leading legal directories including Chambers & Partners, Legal 500, and IFLR1000, recently used Luminance to analyse nearly 1,000 documents for an M&A transaction. By using supervised and unsupervised machine learning, Luminance was able to instantly surface to the team clauses, datapoints and anomalies across Serbian and English documents. As a result, the team achieved a 50% time saving all in their first use of Luminance.
Mr Nenad Popovic, Senior Partner at JPM, comments: “The adoption of AI tools in the legal industry is on the rise and as a leading law firm in Serbia, it is critical that we are using the best and most innovative technology out there. Luminance is playing an increasingly prominent role in the delivery of legal services. With Luminance, we are able to swiftly identify key risks and information contained within our datasets, leaving more time for critical analysis and thinking.”
KRS also used Luminance to perform a live due diligence review of nearly 300 documents and managed to cut their overall review time by half. Dr. Attila Kovács, Managing Partner at KRS, said: “Despite the Covid-19 pandemic, M&A activity is booming, and we are ready to gear up to the next level with Luminance’s AI solution. Luminance allows us to provide proactive and decisive advice to our clients - it is incredibly easy-to-use, simple to deploy and with its powerful machine learning, we are able to identify the ‘skeletons in the closet’ at a much earlier stage in the review.” He continues, “We are proud members of the Geneva Group International Global Alliance, a worldwide alliance of accounting, consulting and law firms, and we look forward to promoting the Luminance platform throughout the organisation.”
Eleanor Weaver, CEO at Luminance, added: “Luminance is ramping up the pace of change in the CEE legal market with a truly flexible, language-agnostic technology. Luminance is the only technology that allows lawyers to have a truly holistic understanding of their documents whilst also enabling legal teams to identify key risk with a click of a button. Armed with this knowledge, lawyers are able to make better and more rounded commercial decisions, leading to stronger mitigation of risk and reduced costs.”
Luminance is the leading artificial intelligence platform for the legal profession, currently used by over 300 law firms and organisations in over 50 countries.