Cravath, Swaine & Moore has joined the growing ranks of elite law firms turning to artificial intelligence in an attempt to cut costs and improve efficiency by signing a deal with British software company Luminance.
London-based Luminance is part-owned by Slaughter and May, a Magic Circle firm that frequently works together with Cravath on cross-border transactions. Slaughter and May, which began working with Luminance last year, also reportedly took a 5 percent equity stake in the business in return for help in developing its own AI software.
