MAQS, one of the leading firms in Sweden, joins a growing list of Nordic law firms to bring in legal AI systems, especially for due diligence work. For example, regional firm Roschier and Norway’s BA-HR both also chose Luminance earlier this year.
In October IBM Watson also partnered with MAQS and fellow Scandinavian firm Lindahl, as well as legal knowledge management consultancy, VQ, to build an AI-driven contract review and advice system focused on shareholder agreements.
MAQS began a pilot period with Luminance in early September, during which it trialled the AI platform on one of its past transactions using Swedish language documents.
The company said that by using Luminance, MAQS was able to reduce a week-long manual review process to two hours. As a result MAQS has chosen to permanently adopt Luminance’s platform.
Johan Engström, a partner at MAQS based in Stockholm (see picture above), said: MAQS has been interested in AI for quite some time and we have been looking to implement a solution to transform our M&A due diligence process and enhance our work in general. We are dedicated to providing our clients with the most efficient and high-quality service we can and our partnership with Luminance will enable us to continue doing that.’
‘We love the collaborative aspect of the technology. It is very easy to use and allows us to designate work flow to specific lawyers or teams and create a tight feedback loop between all sides of a transaction. Moreover, its ability to carry out data reviews at such high speed is invaluable to us,’ he added.
Emily Foges, CEO of Luminance, concluded: ‘We are delighted to be working with innovative, forward-thinking firms such as MAQS. The firm’s partners recognise that we have embarked on a new era and that the cognitive revolution has well and truly entered the legal market.’
‘Artificial intelligence will be crucial to maintaining competitive advantage and MAQS’s adoption of Luminance will allow the firm to continue delivering the highest-quality legal services to its client base,’ she added.
[ Stockholm pic credit R.T. ]