The firm has signed on to use the market-leading Luminance AI platform to provide due diligence review support on corporate transactions.
Maddocks partner Ron Smooker, whose team participated in a detailed trial of the platform, said the platform provided significant improvement in the speed and accuracy of the due diligence process.
‘We have been looking for an AI tool to help to continue to streamline our due diligence processes and Luminance provided the solution we were looking for,’ Ron said.
‘The platform provides our lawyers with an instant insight into the data room, allowing us to structure our review and deliver considerable time savings and efficiency gains compared to a manual review alone.
‘We are confident that the Luminance platform, together with Maddocks’ transactional expertise, will provide tangible benefits to our clients.’
The Luminance platform reads and understands legal documents in a similar way to humans, but at a greater speed. The technology instantly sorts and classifies documents while highlighting possible anomalies for review by a lawyer.
Maddocks innovation partner Shaun Temby said the adoption of the Luminance platform was part of the firm’s strategy to keep abreast of new technology to ensure that the firm’s clients were receiving excellent client service with the best available technology.
‘Maddocks has long championed technology-based solutions for our clients, having developed our own products such as ePortfolio and eContracts,’ Shaun said. ‘It’s important, however that we also keep an eye on emerging software and technology.
‘Our adoption of the Luminance AI platform is just another example of how we are delivering on our goal to embed a culture of innovation across the entire firm. We are highly focused on supporting ideas from all parts of the firm that have the potential to add value to what we do for our clients.’
Luminance CEO Emily Foges said: ‘We’re excited for Luminance to have been selected by Maddocks to support its lawyers on corporate transactions. The firm understands the importance of innovation in the legal sector and their adoption of Luminance will allow the firm to continue providing the highest-quality legal services to its clients.’