Legadex, the Amsterdam-based legal services provider that has been a frontrunner in adopting AI technology in various projects over the past 8 years, has further strengthened its document review capabilities by adopting Luminance, the leading artificial intelligence platform for the legal profession. Luminance’s powerful machine learning solution will enable Legadex to offer legal review and due diligence that is both faster and more thorough than any service available elsewhere.
Legadex has been using AI for many years in different types of projects, including M&A, contract review and risk and compliance reviews. Luminance brings many of the AI requirements of Legadex together in one integrated platform. As the only technology on the market that combines supervised and unsupervised machine learning to read and form an understanding of legal data, Luminance is able to immediately surface key information such as datapoints, contract clauses and anomalies.
Luminance is a language-agnostic tool, something that is crucial to Legadex and its multinational client set. As a result, Luminance allows Legadex to work seamlessly across English, Dutch, French, German and other language documents. Legadex is particularly impressed with Luminance’s supervised machine learning, which generates further insight by learning from the interactions of the reviewer. For example, when a ‘Termination Notice Period’ clause was tagged during a limited pilot project, Luminance immediately surfaces similar worded examples within the document set, ensuring that nothing is missed in the review. When combined with the extra efficiency gained from Luminance’s project management tools, an impressive 75% time reduction is easy to reach.
Also key for Legadex was Luminance’s automatic document and clause compliance technology, introduced by Luminance earlier this year. Using this functionality, Legadex can mark any clause or document as a ‘model’ version against which the rest of the project is compared, something that is essential in risk and compliance reviews. This functionality allows the team to instantly see subtle variations in wording, achieving a far greater depth and speed of analysis than would be possible manually. Another useful benefit of Luminance is its ability to integrate with other legal platforms as this helps Legadex to offer its services more centrally and more efficiently.
Peter Schepens, Corporate and Innovation Manager at Legadex, comments:
“Using Luminance makes our document review and due diligence processes efficient, effective and insightful. As well as being easy-to-use, Luminance is an incredibly powerful tool, allowing us to identify hidden risks within datasets that could be easily missed using manual methods alone.”
Jason Brennan, Luminance’s acting CEO, adds, “It is clear that Legadex are committed to adopting advanced tools to be at the cutting edge of legal practice. Their focus on innovating for clients is well known, and we are thrilled they chose to work with Luminance.”
Luminance is currently used by over 250 law firms and organisations worldwide. This includes all of the ‘Big Four’ accounting firms and over one-fifth of the ‘Global Top 100’ law firms. Last year, Luminance was made a ‘Technology Pioneer’ by the World Economic Forum.
Luminance is the leading artificial intelligence platform for the legal profession. Founded by mathematicians from the University of Cambridge, Luminance has developed the Legal Inference Transformation Engine (LITE), the first true application of machine learning to the legal industry, combining pattern-recognition technology with supervised and unsupervised machine learning to read and understand human language. Luminance is used by law firms and in-house teams in over 50 countries around the world to improve processes such as due diligence, contract negotiation, regulatory compliance reviews, property portfolio analysis and eDiscovery. The company has offices in London, Cambridge, New York, Chicago and Singapore.
Legadex is an innovative legal service provider with a head office in Amsterdam, the Netherlands. The company serves a client base of 300+ international corporate legal departments, private equity investors, family offices and law firms. Legadex helps legal departments with advice, legal tech implementation and flexible staffing to handle their legal work in a more effective and efficient manner. Their team has a strong focus on smart work processes and has partnerships with many of the most innovative legal software providers, including Luminance.