Cresco Legal has announced that it has closed an agreement with UK-based firm Luminance Technologies for the use of their artificial intelligence powered software Luminance.
According to a press release, this makes Cresco Legal the first law firm in the Middle East to embrace such a technology for the benefit of its clients.
‘Luminance is founded on the latest breakthroughs in pattern recognition and machine intelligence. It has become increasingly difficult to keep-up with tracking of deadlines, monitoring risks and claiming of warranties. Sophisticated machine learning systems, however, are incredibly good at digesting data and this will help the team of Cresco Legal to provide accurate and efficient support when dealing with high amounts of contracts,’ the release stated.
Cresco Legal is enabled to offer the review of legal documents at a competitive rate and also provide comprehensive contract management to its clients, including the identification of contracting parties, summarising main obligations out of contracts and keeping track of deadlines.
‘Such service can be beneficial for all companies with a high number of contracts like property management companies, construction companies, project management firms etc. It helps to efficiently manage contracts in day-to-day operations but is also invaluable in criminal and civil legal cases,’ the release said.
Michael Waechter, managing director, Cresco Holding, said, “By partnering with the leading providers of artificial intelligence solutions, Cresco secures access to the most advanced and tested technologies available in the market. The advantages in terms of speed, accuracy and costs will be used for the benefit of our clients and employees. The offering of contract management targets various sectors such as healthcare, real estate, hospitality.