Scottish-headquartered Dickson Minto has become the latest law firm to sign up to artificial intelligence provider Luminance.
The firm, known as one of the most conservative in the market, has also become the first firm in Scotland to adopt the M&A diligence technology.
It confirmed its deal with Luminance last month, having trialled the technology in a pilot over the summer.
The two-week pilot, which took place in Dickson Minto’s Edinburgh and London offices, focused on 12 matters that had between 20 and 300 documents uploaded for review.
The firm is understood to be particularly impressed by the AI technology’s ability to improve the quality of life of its associates by cutting out repetitive tasks on deals. This not only increases the speed of transactions, it is also thought to be a nod by the firm to increasing the chances of its top talent staying with the relatively small firm instead of quitting for larger, often London-based, rivals.
The deal with Luminance is also seen by Dickson Minto as a way of attracting the best graduates and trainees to work for the firm while the technology’s ability to effectively work straight out of the box was recognised by Dickson Minto as a significant factor in adding value to clients.
Dickson Minto partner Douglas Armstrong commented: “Given our focus on complex cross border transactional work, it’s essential that our lawyers have the tools to deliver high-quality service to our client base. Luminance will enhance our due diligence on M&A and capital markets transactions as we embed it into our review processes.
In a related move, Luminance has also announced that it has signed an agreement with Indianapolis law firm Ice Miller.
“We’re excited to use it to demonstrate the results of our due diligence process to clients,” said Ice Miller chief managing partner Steven Humke.
Luminance now has more than 30 law firm clients including Cravath Swaine & Moore, three of the big four in Singapore (including WongPartnership) Gilbert + Tobin in Australia, and Uría Menéndez, Araoz & Rueda and Portolano Cavallo in Europe.
Last month Slaughter and May invested in Luminance as part of a $10m Series A funding round. The round, which was led by Talis Capital and also including Invoke Capital, values the M&A due diligence tool at $50m.