Within the framework of EY Law’s global partnership with Luminance, EY Law Belgium is now using the AI platform Luminance in its services.
The use of Artificial Intelligence (AI) is yet another big step in the firm’s increased use of new technologies and delivering legal solutions in an innovative and technology-enhanced way.
Luminance is an AI-based document analysis platform that uses powerful machine learning, algorithms and pattern-recognition to quickly analyze legal documents. By highlighting anomalies and identifying risks, the platform enables a review of large volumes of documents in no time. The technology will in this respect be particularly useful in legal due diligence.
Tom Swinnen, heading the Belgian M&A practice, considers the use of the technology as a game-changer: “By using AI, our lawyers very quickly have a good understanding of the legal documents made available. In multi-jurisdictional due diligence processes, with a large set of documents to be reviewed, the use of AI really makes a difference. The technology can in no time flag deviations and anomalies in documents, which then can be reviewed in greater detail by our experienced team of lawyers.”
Managing Partner Peter Suykens explains that this technology will allow the firm to develop new service offerings and help clients to map and review large volumes of contracts and start with contract related analytics.
The technology is suited for a wide range of applications and can be used for all types of documents, ranging from employment contracts to general terms and conditions. It will make legal document review significantly more efficient. On top of that, the software constantly learns and develops its own functioning through interaction with the user.