The company said in a statement: ‘Deloitte Legal Spain adopted Luminance following a two-week trial in which the firm compared the manual findings of a historic due diligence matter against those found using the technology.’
‘Throughout the trial, Luminance afforded the firm significant time savings and added insight into the data room,’ they added.
Manuel Fernández Condearena, M&A Partner at Deloitte, said: ‘What impressed us most about Luminance was its simplicity and speed. As a firm with a key interest in tech-enabled services, it seemed a logical fit to adopt a technology that contributes in terms of efficiency and reduces quality risks. With Luminance, we will be even more capable of delivering the very best results. Its highly visual and intuitive software display is another major advantage, ensuring that we are keeping up with the demands placed on us.’
All very good. But, is this a big deal?
First, it comes fast on the heels of the news that EY’s legal arm is going to be using Luminance across the organisation. Second, although this – for now – is just Deloitte Legal Spain, any foothold into the Big Four is important as they are such massive organisations with a huge variety of needs where AI review could apply.
Also, two weeks seems like a very fast pilot….but, if they’re happy with it, then they’re happy with it.
Deloitte Legal in Spain has about 650 professionals, so this is not a massive team. But, it’s a good start. Where things progress from here, we will see.
Luminance CEO, Emily Foges, concluded: ‘I am confident that their deployment of Luminance will further pave the way for the continued rise of AI.’