Cravath signs deal with Slaughters-backed artificial intelligence company
Elite US firm to use Luminance technology developed in conjunction with Slaughters
July 03, 2017 at 07:35 AM
2 minute read
Cravath Swaine & Moore has joined the growing ranks of elite law firms turning to artificial intelligence (AI) technology to improve efficiency and cut costs, signing a deal with UK software company Luminance.
London-based Luminance is part-owned by Slaughter and May, which has a longstanding relationship with Cravath. The magic circle firm took a small equity stake in the business in return for its help developing the software last year.
Cravath and Slaughters regularly work together on M&A deals, including advertising business Dentsu Aegis Network's acquisition of a majority stake in data analytics firm Merkle Group last year.
Cravath has been piloting Luminance's machine learning system for several months. Corporate partner George Schoen appeared alongside Luminance CEO Emily Foges at ALM's Legaltech conference in New York this February, on a panel discussing AI's impact on due diligence.
Responding to a question on the risks of introducing AI into the legal profession, Schoen said: "I don't see a lot of risk to the client when using artificial intelligence, as long as it's used as a tool."
Having helped test and pilot the software, Slaughters became Luminance's first client when the company launched last September. The firm has further ties to Luminance through financial backer Invoke Capital, an investment fund that was founded by members of the senior management team at UK enterprise software company Autonomy, a longstanding client of the magic circle firm. Slaughters advised Autonomy on its $11bn sale to Hewlett Packard in 2011.
In addition to securing a contract with Cravath, Luminance has also signed its first deal in Australia, with local firm Gilbert + Tobin.
Other firms to have inked deals with AI software providers such as Kira Systems, Luminance and ROSS Intelligence in recent years include Baker & Hostetler, Clifford Chance, DLA Piper, Dentons, Freshfields Bruckhaus Deringer, Latham & Watkins, Linklaters, Travers Smith, and Wachtell Lipton Rosen & Katz.
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