At the beginning of June 2021, BSJP became the first law firm in Poland to implement the Luminance Diligence system – a market-leading AI software tool.
Luminance is an award-winning platform specifically designed for transactional lawyers, among others, to support review and document management processes. With the use of machine learning, Luminance performs a computer-supported understanding of the entire dataset in a very short time.
This solution is to increase the effectiveness of the law firm's work, in particular, within the area of legal services related to due diligence in M&A transactions that require processing and interpretation of comprehensive sets of data collected in a digitised form in order to determine which documents refer to a given issue and to what extent.
Luminance searches and clusters similar conceptual material, helping teams quickly and precisely determine which agreements are convergent with a given template and which deviate from the standard – a process which would be extremely time-consuming using manual review methods alone. Moreover, thanks to AI algorithms, the tool is able to identify and categorise critical contractual clauses and provisions included in the documents, such as lease rent or term of contract.
Integrating Luminance's technology into the ecosystem of LegalTech solutions used in our law firm as part of our everyday operations will significantly improve the work of BSJP lawyers, enabling them to review data more efficiently and in much greater detail than ever before. Research time is expected to be reduced by half, thus releasing the resources needed for legal analysis.
"Digital transformation of the legal industry is accelerating, and as the importance of technology increases, so do the expectations of our Clients. Implementation of Luminance comes as a crucial step towards more efficient and higher quality advice. Thanks to the automation of processes, which so far have been carried out only by lawyers, even smaller teams will be able to handle large due diligence projects," observes attorney-at-law Dag Nilsson, Partner at BSJP.
According to attorney-at-law and Partner at BSJP Maciej Kuropatwiński, "one of the features of Luminance is the ability to analyse documents drawn up in any natural language – not only in English and not only in Polish. For our law firm supporting Clients from various linguistic areas, this is a key advantage".
Luminance will support our experts in analysing documents or their parts, such as individual contractual clauses. This will allow our experienced lawyers to pay even more attention to developing dedicated solutions which correspond to the individual needs of our Clients.