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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 legal tech firm Luminance to sort, cluster and filter large volumes of documents and find subtle but potentially significant differences between contracts. The program can help identify key issues at an early stage of a transaction, and offer Corrs’ clients a better negotiating position from the outset, the firm said.

One-year-old Luminance is 5 percent owned by Magic Circle firm Slaughter and May, which was also the company’s first customer. In Australia, Sydney-based Gilbert + Tobin has also adopted Luminance’s technology. Other law firm clients include New York-based Cravath, Swaine & Moore , Copenhagen-based Bech-Bruun , Italian firm Portolano Cavallo and Slaughter and May’s best friend Spanish firm Uría Menéndez .

Corrs adopted the technology following a successful pilot run, when the firm used Luminance’s product and compared it with a parallel due diligence process using more traditional manual methods. “The M&A team’s feedback was that Luminance could assist with both cost reduction and quality control in due diligence processes,” said Robert Regan, Corrs’ partner in charge of the Sydney office.

Regan said in March, a committee of representatives from the firm’s legal, technology and knowledge management departments assessed the pilot in four key areas: clause identification, clarity of data presentation, anomaly analysis and project management capabilities.

The conclusion, Regan said, was that the committee found Luminance’s technology had the potential to save a significant amount of time during due diligence and would be particularly useful when documents were received via email or digital storage devices.

“In the past, a lawyer or team of lawyers had to review every document and highlight areas for further investigation, or areas of risk or anomalies,” he said. “Luminance can do this in minutes or hours, rather than weeks, and supplement the work undertaken by our lawyers.”

Regan said the adoption of Luminance technology was consistent with Corrs’ extensive track record of using innovative technology solutions to deliver lower costs, faster turnaround and better quality documents for clients. Last year, the Australian firm also launched a joint venture with Canadian AI firm Biegel to offer companies affordable automatic contract analysis in Australia and New Zealand.

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 legal tech firm Luminance to sort, cluster and filter large volumes of documents and find subtle but potentially significant differences between contracts. The program can help identify key issues at an early stage of a transaction, and offer Corrs’ clients a better negotiating position from the outset, the firm said.

One-year-old Luminance is 5 percent owned by Magic Circle firm Slaughter and May , which was also the company’s first customer. In Australia, Sydney-based Gilbert + Tobin has also adopted Luminance’s technology. Other law firm clients include New York-based Cravath, Swaine & Moore , Copenhagen-based Bech-Bruun , Italian firm Portolano Cavallo and Slaughter and May ‘s best friend Spanish firm Uría Menéndez .

Corrs adopted the technology following a successful pilot run, when the firm used Luminance’s product and compared it with a parallel due diligence process using more traditional manual methods. “The M&A team’s feedback was that Luminance could assist with both cost reduction and quality control in due diligence processes,” said Robert Regan, Corrs’ partner in charge of the Sydney office.

Regan said in March, a committee of representatives from the firm’s legal, technology and knowledge management departments assessed the pilot in four key areas: clause identification, clarity of data presentation, anomaly analysis and project management capabilities.

The conclusion, Regan said, was that the committee found Luminance’s technology had the potential to save a significant amount of time during due diligence and would be particularly useful when documents were received via email or digital storage devices.

“In the past, a lawyer or team of lawyers had to review every document and highlight areas for further investigation, or areas of risk or anomalies,” he said. “Luminance can do this in minutes or hours, rather than weeks, and supplement the work undertaken by our lawyers.”

Regan said the adoption of Luminance technology was consistent with Corrs’ extensive track record of using innovative technology solutions to deliver lower costs, faster turnaround and better quality documents for clients. Last year, the Australian firm also launched a joint venture with Canadian AI firm Biegel to offer companies affordable automatic contract analysis in Australia and New Zealand.