Cravath Inks Deal With AI Company Part-Owned by Top UK Firm
The Wall Street firm has joined the growing ranks of elite law firms turning to artificial intelligence in an attempt to cut costs and improve efficiency by signing a deal with British software company Luminance, which is part-owned by Magic Circle firm Slaughter and May.
July 03, 2017 at 05:59 PM
22 minute read
Cravath, Swaine & Moore has joined the growing ranks of elite law firms turning to artificial intelligence in an attempt to cut costs and improve efficiency by signing a deal with British software company Luminance.
London-based Luminance is part-owned by Slaughter and May, a Magic Circle firm that frequently works together with Cravath on cross-border transactions. Slaughter and May, which began working with Luminance last year, also reportedly took a 5 percent equity stake in the business in return for help in developing its own AI software.
Cravath had had been piloting Luminance's machine learning system for several months. Corporate partner George Schoen appeared alongside Luminance CEO Emily Foges at ALM Media LLC's Legaltech conference in New York this past February on a panel discussing AI's impact on due diligence. (ALM Media is the publisher of The American Lawyer.)
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