To streamline its due diligence processes, Maddocks has signed on to deploy the Luminance AI platform.
The platform provided a significant improvement in the speed and accuracy of due diligence, said partner Ron Smooker, who led a team that conducted a detailed trial of the system. He said that Maddocks has been looking for an AI tool to help continue to streamline the processes corporate transaction due diligence.
“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,” he said. “We are confident that the Luminance platform, together with Maddocks’ transactional expertise, will provide tangible benefits to our clients.”
Shaun Temby, Maddocks innovation partner, said that adopting the AI platform is part of the firm’s ongoing effort to be up-to-date on technology that benefits clients.
“Maddocks has long championed technology-based solutions for our clients, having developed our own products such as ePortfolio and eContracts. It’s important, however that we also keep an eye on emerging software and technology,” Temby said. “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.”
Last year, Luminance closed a US$10m Series A funding round from a consortium led by Talis Capital. The consortium included Slaughter and May, which helped design the AI platform.
In Australia, the platform is used by top firms including Allens, Corrs Chambers Westgarth, Gilbert + Tobin, and McCullough Robertson. In New Zealand, Luminance technology is deployed by Chapman Tripp and Russell McVeagh.
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