Luminance, part owned by law firm Slaughter and May, has been employed by many law firms, including Sydney’s Gilbert + Tobin; New York’s Cravath, Swain & Moore; and Spanish firm Uría Menéndez. The technology, instead of using a rules- or signature-based approach, uses smart algorithms, designed to make it learn as it goes along. This allows the AI to be left to its own devices, becoming smarter with the more data it is fed.
It is primarily used to analyse huge swathes of data, far faster than a human could. It will pick up on any anomalies, highlight any clauses that it deems worth you attention – highly important tasks in due diligence, which can be prone to error if left to human eyes due to the sheer size of the task.
This move comes alongside other recent announcements of innovation at Corrs. Corps Cyber has just been launched, Australia’s first multidisciplinary cyber security team, in order to defend Australian businesses from cyber attacks. Corrs Cyber will provide businesses with access to a data breach management specialists, including legal advisors, IT forensic investigation specialists, cyber risk, incident response consultants, and crisis and reputation management services.